U.S. Financial Dominance at Risk as Crypto Booms

U.S Leads the Centralized Exchange Traffic Race
  1. Coinbase CEO Brian Armstrong asserts that America’s crypto economic status is at risk.
  2. Crypto’s lack of regulation and regulators’ hostility may lead to U.S. financial dominance’s declining trend.
  3. Hong Kong announces its intentions to integrate crypto among its citizens on June.1.

Coinbase CEO Brian Armstrong asserted in a tweet on February 16 that the United States’ financial dominance is at stake as crypto flourishes, with the European Union and the United Kingdom paving the way.

In addition, Brian Armstrong alleged that America’s economic status demise could be attributed to the hostile environment from regulators and the lack of clear regulations on crypto. 

Consequently, Brian Armstrong demands that the United States Congress move swiftly toward enacting transparent crypto legislation.

In relation to the crypto booms, Hong Kong, a special administrative region of China, recently declared its plans to integrate cryptocurrency among its citizens starting on June.1. This could pose a threat to the U.S. financial center as the market industry is anticipated to surge substantial cash from the East.

This follows a slew of Bitcoin-related operations that have taken place in China’s special administrative region following a tweet from cryptocurrency investor Lark Davis. One such case is DBS, the largest bank in Singapore, requesting permission to provide BTC in Hong Kong.

Additionally, the cryptocurrency exchange OSL Digital Securities and Interactive Brokers (IBKR) has introduced cryptocurrency trading in Hong Kong for institutional investors.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer