Coinbase CEO Calls on Americans to Rally Support for Crypto Regulatory Clarity Bills

Brian Armstrong, the CEO of Coinbase, has called upon citizens of the United States to take an active role in supporting the Financial Innovation and Technology for the 21 Century Act (FIT21), a legislation that could bring much-needed regulatory clarity to the cryptocurrency industry.

Lawmakers made significant progress on July 26 when they voted in favor of both FIT21 and the Blockchain Regulatory Certainty Act. These bills hold the potential to provide clear guidelines for crypto firms, including defining the jurisdictional boundaries between securities and commodities regulators in the country.

In a tweet, Armstrong emphasized that citizens have a crucial opportunity to urge their representatives to vote in favor of FIT21, as the voting process would continue the following day. He acknowledged that the bill might undergo further changes during the legislative process, but he firmly believes that it would ultimately safeguard Americans’ digital assets, encourage innovation, and enhance national security.

Coinbase, in its statement, highlighted the bill’s potential to protect consumers and bolster national security while also promoting job opportunities within the country. This suggests that domestic crypto companies, facing regulatory uncertainty, might choose to remain in the United States and continue employing local talent.

Earlier in the year, several crypto companies had begun exploring alternative jurisdictions due to regulatory uncertainties in the U.S. For instance, on May 8, Armstrong visited the United Arab Emirates to assess its potential as a strategic hub for Coinbase. Additionally, on May 26, Gemini, another crypto exchange, selected Ireland as its European headquarters amid what some industry observers referred to as a “war on crypto” unfolding in the U.S.

Despite the challenges posed by the regulatory landscape, Coinbase has actively engaged with U.S. regulators throughout the year. On February 13, Armstrong invited regulators for a conversation about crypto and ice cream in Washington D.C. Furthermore, on July 19, reports emerged that Armstrong had held closed-door meetings with members of Congress to discuss digital asset legislation. These efforts demonstrate Coinbase’s commitment to shaping crypto regulations in the country.

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