Coinbase CEO Says an Anti-Crypto Stance is a Bad Political Strategy Ahead of 2024
In a Dec 19 post on X ( formerly Twitter), the Coinbase Chief Executive listed five reasons why candidates are in a better position to be pro-crypto rather than the reverse following revelations that the anti-crypto bill was drafted by players in traditional finance.
Armstrong posted a video of Sen Roger Marshall stating that the Digital Assets Anti-Money Laundering Bill was drafted by the American Banking Association (ABA) to curb money laundering and associated offences including restating critics of the sector who stated that “crypto is a tool for criminals.”
According to him, 52 million Americans have used digital assets and this growing figure is due to the utilities offered by blockchain technology. Recent data also supports this claim as web3 literacy surged in several jurisdictions over the last 12 months.
Also, 38% of young people view cryptocurrencies as a vital instrument to drive economic activities in yet country. He also added that only 9% of the country is satisfied with the current financial system including the fact that crypto prices are up by 90% year-to-date (YTD).
Finally, standwithcrypto.org is on its way to 1 million voters who want clear and accurate crypto policies for the growth of the market. The facts presented by the CEO show a growth in market sentiment this year across various categories.
Pro-digital assets commentators have made cases for driving growth through web3 as global markets continue to attract net investors and create new hubs. Users have also criticized the closed system of centralized finance run by a few people, unlike an open decentralized model.
Armstrong has remained at the fore in pushing pro-digital assets narratives and urging regulators to pass comprehensive rules that will guarantee investments and protect all sectors rather than the current court enforcement approach.
The Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for allegedly offering services to registered securities. Coinbase has stressed on defending itself vigorously and continues the charge for clearer rules in the US market.
Doesn't it seem to you that all these actions by the senators and lobbyists are aimed at discrediting an industry they simply cannot control?
What have we seen in 2023?
A colossal number of financial audits and lawsuits, animosity of old financial instruments towards cryptocurrency.
In my opinion, they cannot dictate the terms of the industry's development because they did not lay its foundation nor were they at the origins of creating digital assets.
As for money laundering and using funds for dishonest deeds, believe me, any system, even the most honest and transparent one, can be used for bad purposes.
The problem here is not with cryptocurrencies - the problem lies in the minds of people who are in search of dirty profit and quick money.
And here, people are not to blame - the blame lies with the social environment, upbringing, and society, the state to which we pay taxes, but somehow our life does not become good enough that there is no desire to steal and use cryptocurrency as a tool for money laundering.
What do you think about this?
What is your opinion?