Coinbase CEO Reiterates Crypto’s Need for ‘Clear Rule Book’
- He stated due to a lack of trust in traditional financial services, most financial hubs have embraced decentralization.
- Armstrong told that people are too excited to know how crypto could help the financial system as a whole.
In an interview with the television network Bloomberg, Brian Armstrong, the CEO of the crypto platform Coinbase, commented that crypto needs a “clear rule book.”
Significantly, Armstrong stated that the crypto industry should be built with a clear rule book, while all other financial hubs have already embraced the industry, quoting:
My number one priority this year is the policy environment. The rest of the world has actually embraced crypto. We’ve seen all the major financial hubs, Singapore, Hong Kong, and London, and the EU just passed comprehensive crypto legislation … We need a clear rule book so that this industry can be built here.
Notably, in responding to the interviewer’s question regarding the traditional financial players’ concern about decentralization, Armstrong commented that Coinbase is excited to embrace decentralization, adding:
“A lot of traditional financial services firms are integrating this technology. Everybody from JPMorgan, Visa, and Mastercard, Franklin Templeton they have projects and teams internally working on how to integrate crypto into their services.”
While explaining the reason for the acceptance of Decentralized Finances (DeFI), Armstrong stated that “80% of the Americans are not happy with the traditional financial system”. He added that the traditional financial system is too slow and has high fees; it doesn’t serve everyone equally.
In addition, he stated that people are too excited to experience how crypto as a technology could improve the financial space, pointing out that it is one of the key reasons why Coinbase adopted decentralization.