According to Brian Armstrong, creator and CEO of the cryptocurrency exchange Coinbase, this is the case. He contends that bitcoin should be regarded in the same category as essential products and infrastructure for the American economy.
His passionate plea may have been motivated by the SEC’s recent crackdown on cryptocurrency, which includes an inquiry into whether Coinbase itself improperly permitted Americans to trade digital assets that should have been registered as securities.
He tweeted, “One of the greatest policy reasons for cryptocurrencies is that it’s a national security concern,” possibly in an effort to bring attention to the legal limbo that cryptocurrency occupies.
Armstrong argued that the sector could not follow in the footsteps of the microchip industry, whose cutting-edge processors found in Apple products are made exclusively in Asia, or the fifth-generation mobile network equipment market, which is dominated by Chinese company Huawei, Swedish company Ericsson, or Finnish company Nokia.
“The United States missed out on semiconductors and 5G, which is currently primarily produced overseas”. He argued that it could not afford cryptocurrency also to move abroad, adding that this was true for all nations.
Specific Guidelines
Coinbase and other business partners have pleaded with the agency for clear guidelines on how securities law should be applied to the cryptocurrency space for years. And the SEC has consistently refrained from doing this, adopting an unbalanced “regulation by enforcement” strategy that compels businesses to predict the agency’s actions.
Rhetoric matters and regulation by enforcement have a dreadful chilling effect, according to Armstrong. “A lot of people in the crypto space, as well as asset issuers and businesses, have already moved offshore,”
The CEO of Coinbase might be on to something since many nations would be envious of the opportunity to draw revenue away from Wall Street. The U.S. dollar’s strength is a result of its vast financial markets, which absorb surplus foreign capital and its status as the world’s reserve currency.
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With the new administration under U.K. Prime Minister Liz Truss seeking to scrap a cap on banker bonuses, London’s City, the only financial sector that matches Manhattan, has also been attempting to prevent a widespread migration of money or talent.
Financially lucrative services not only do jobs show essential for economic development, but they also expand a government’s tax base. As the CEO of Coinbase noted, governments also realize the importance of onshore semiconductor manufacturing.
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