The ongoing war on crypto by U.S. regulators could do lasting damage to the country’s financial system, according to Coinbase CEO Brian Armstrong.

Brian Armstrong aired his views on the current state of the crypto industry in the United States in an op-ed with CNBC on March 1.

The industry executive is among many that are not happy with the regulatory crackdown and targeting of crypto firms. The Securities and Exchange Commission (SEC) has been leading the charge with its recent enforcement actions.

Gary Gensler’s agency is “carpet bombing” the industry claiming everything is a security. However, crypto assets have yet to be officially classified by Congress, which is procrastinating over legislation.

Armstrong commented:

“The U.S. has long been the leader in global economic and political affairs, but its dominance is being challenged by other global superpowers.”

The U.S. financial system doesn't serve everyone equally—it's time for an update. @SquawkCNBC @andrewrsorkin https://t.co/5arQzSZyw3

He pointed out that the American banking and financial system is antiquated, having gone unchanged for the past 40 years. Embracing digital finance is the way forward, he said:

“By embracing crypto and other forms of digital finance, the U.S. can not only update its financial system, but also solidify its status as a geopolitical powerhouse.”

Armstrong acknowledged the position of the U.S. dollar as the world’s reserve currency but cautioned it “has never been under more pressure.”

Furthermore, China is steaming ahead with its CBDC rollout. There there are also moves to develop a pan-Asian stablecoin to distance itself from dollar hegemony.

“As other countries implement regulations and guidelines for cryptocurrency, the U.S. risks falling behind both technologically and politically,” he said.  

Additionally, the sentiment has been echoed by Circle CEO Jeremy Allaire. He recently said that the SEC was the wrong regulator for stablecoins which are payment systems, not securities.

As reported by BeInCrypto, Coinbase is pivoting to Europe in the wake of Uncle Sam’s war on crypto. The European Union is preparing regulations and wants to welcome crypto and fintech firms. The United States is sending a completely different message.

Finally, Armstrong wrapped up his op-ed with a call for comprehensive regulations.

https://t.co/cddrtQMHuw

“It’s time for the U.S. to take action and work with its U.S.-based crypto companies, not against them, to build a comprehensive regulatory framework that protects users, empowers innovators, and gives the American people a financial system built for the 21st century.”

The post Offshoring Crypto Hurts US Financial System Laments Coinbase CEO appeared first on BeInCrypto.

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