- Coinbase CEO urges Americans to support crypto regulatory bills.
- These bills aim to provide clarity for crypto firms and innovation.
- If this goes through, the USA will likely see a spike in job positions.
Coinbase CEO, Brian Armstrong, is calling on United States citizens to take action and email their representatives to vote ‘Yes’ on two important bills aimed at providing regulatory clarity for the crypto industry.
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The bills in question are the Financial Innovation and Technology for the 21 Century Act (FIT21) and the Blockchain Regulatory Certainty Act. These bills aim to address the jurisdictional differences between securities and commodities regulators in the country and provide a clear framework for crypto firms.
Lawmakers voted in favor of FIT21 and the Blockchain Regulatory Certainty Act on July 26, and the voting process will continue the next day. Armstrong is encouraging Americans to use this opportunity to urge their representatives to support the bills. He believes passing this bill will protect digital assets, innovation, and national security in the United States.
In addition to safeguarding consumers and enhancing national security, the bills may also foster job opportunities within the country. This could encourage U.S.-based crypto companies to remain in the country and continue to employ local talent, rather than seeking more favorable regulatory environments elsewhere.
The call for regulatory clarity comes amid a period of regulatory uncertainty in the United States. Many entities have been waiting for a clear framework to avoid any friction with the SEC. Due to the lack of this, many crypto companies began to explore other jurisdictions for their operations.
Earlier this year, Coinbase’s CEO visited the United Arab Emirates to test its potential as a strategic hub for the company. Perhaps after the verdict of this bill, Coinbase will choose to stay home. Despite the challenges, Coinbase has remained committed to engaging with U.S. regulators. For instance, Coinbase has been trying to cooperate with the SEC for clear communication. Unfortunately, this has only been met with what is starting to feel like hostility.
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