Brian Armstrong Warns U.S. About Losing Its Status As A Financial Hub

  • Armstrong asks Congress to act soon and pass clear crypto legislation.
  • “Crypto is open to everyone and the others are leading,” says Brian Armstrong.

Coinbase CEO, Brian Armstrong calls upon Congress’ quick action to pass clear legislation regarding cryptocurrency. In his latest tweet, he warns that America is facing a potential risk of losing its status as a global financial center.

Brian Armstrong wrote on his Twitter page, “America risks losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.” His tweet denotes the recent actions of the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC) against the U.S. crypto market.

Warning the U.S. lawmakers to be mindful that cryptocurrency is open to everyone and that others will lead if the U.S. does not pass clear legislation soon, Armstrong states:

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and the others are leading. The EU [European Union], the UK [United Kingdom], and now HK [Hong Kong].

Brian Armstrong goes on to retweet a Twitter thread posted by Chinese crypto influencer Noodles-of-Binance, where Noodle-of-Binance announces that on June 1, 2023, Hong Kong will make cryptocurrency legal for all its citizens. This will officially include purchasing, selling, and trading cryptocurrency.

Noodles-of-Binance further adds, “Expect a huge influx of big money from the East,” as he cites the prediction made by Justin Sun, a Chinese crypto entrepreneur and business executive. Noodles-of-Binance assures his followers that Sun is right about his opinion that the next bull market will be driven by money from the East, like in the old days prior to 2020.

In his tweet, Noodles-of-Binance projects that an Asian currency-based stablecoin coming out of Hong Kong will be a certainty. He says, “U.S dollar stablecoin will no longer be the only boy in town. I envision we trade multiple stablecoin currency pairs and there will be tons of arbitrage opportunities.”

Noodles-of-Binance further explains that in the 2017 bull market, the BTC/CNY(Chinese Yuan) pair was still very dominant when China banned crypto. He mentions, “People have made fortunes arbitraging the Yuan pair and the U.S dollar pair.” Noodles-of-Binance predicts that the Chinese Yuan pair will be back soon, with even more currency pairs.

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