Before drafting and enacting any policy changes, Coinbase has taken several legal steps to guarantee that American regulators are appropriately educated on the role of cryptocurrencies in the future of the nation’s financial system.
Coinbase has begun a TV campaign commercial in the nation’s capital, Washington, DC, to inform policymakers about the significance of cryptocurrencies in the nation’s economic changes.
Brian Armstrong, the Chief Executive Officer of Coinbase, stated that they were conducting a television campaign in DC. The campaign aims to elucidate the significance of cryptocurrencies as the paramount technology for modernizing America’s financial system.
Armstrong emphasized that there is an extensive amount of policy-related tasks to be accomplished to prevent America from falling behind.
Brian Armstrong also stated about this subject:
“Fundamentally, crypto is not a financial product. It’s a technology that can update all kinds of financial products. It can improve settlement times. It can make sending money to your family overseas in another country cheaper. Regardless of what you think about it, it’s not going anywhere. It can’t be uninvented.’’
Armstrong made a notable point when he said that cryptocurrency could modernize the nation’s financial markets, much like the 5G network for internet connectivity.
The crypto billionaire consequently encouraged American policymakers to move quickly to stay caught up as other nations fully embraced the technology.
The CEO began the show by saying that the public’s perception of cryptocurrency is that it is some speculative asset that people are trading, and they’re gonna lose their shirts. Many uneducated American politicians hold this opinion. For that reason, many of them are making serious efforts to suppress cryptocurrency.
Additionally, he said that cryptography is here to stay and cannot be undone. The majority of the globe utilizes this technology to modernize their financial systems. The brief video was shot in black and white, and the music sounded pretty ominous.
What Is The Need for the Campaign?
Coinbase and the remaining members of the US crypto community have been advocating for the SEC to refrain from regulating the industry solely through enforcement.
Moreover, the American crypto community has asserted the necessity of enacting new regulations to govern the emerging sector to prevent the migration of investors to foreign markets.
In contrast, Gary Gensler, the Chairperson of SEC, has maintained that the prevailing securities laws will be enforced upon the crypto market, irrespective of the underlying technology.