{"id":15976,"date":"2023-05-30T23:37:21","date_gmt":"2023-05-31T03:37:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-ceo-criticizes-us-lawmakers-regulators-over-regulatory-approach-warns-of-upcoming-innovation-in-china\/"},"modified":"2023-05-30T23:37:23","modified_gmt":"2023-05-31T03:37:23","slug":"coinbase-ceo-criticizes-us-lawmakers-regulators-over-regulatory-approach-warns-of-upcoming-innovation-in-china","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15976","title":{"rendered":"Coinbase CEO Criticizes US Lawmakers, Regulators Over Regulatory Approach, Warns of Upcoming Innovation in China"},"content":{"rendered":"<div>\n<p>Coinbase CEO Brian Armstrong criticized US lawmakers and regulators over their approach to bringing \u201cregulatory clarity\u201d to cryptocurrency and warned that innovation is moving offshore.<\/p>\n<p>Countries like China will benefit from \u201crestrictive U.S. crypto policies,\u201d Armstrong said in a MarketWatch opinion <u>article<\/u> on Tuesday.\u00a0<\/p>\n<p>\u201cBy enforcing restrictive policies, the U.S. is inadvertently driving crypto-innovation offshore,\u201d Armstrong said. \u201cThat shift will compromise America\u2019s legacy of pioneering technological advancements, and weaken our national security posture.\u201d<\/p>\n<h2>China moving forward<\/h2>\n<p>China has its own digital yuan which has <u>processed<\/u> over $14 billion worth of transactions so far, according to a figure from October 2022.\u00a0<\/p>\n<p>\u201cAnd with the recent launch of its digital yuan, China aims to directly challenge the U.S. dollar and its role in global commerce,\u201d Armstrong said.<\/p>\n<p>Financial service providers in China too will soon allow <u>citizens<\/u> to pay for wealth products using the digital yuan, according to previous cryptonews.com reporting.\u00a0<\/p>\n<p>Eleven countries have launched a CBDC, including the Bahamas and Nigeria. , according to the Atlantic Council, which <u>tracks<\/u> CBDCs in 120 countries.\u00a0<\/p>\n<h2>Coinbase focus on Washington DC\u00a0<\/h2>\n<p>This comes as the crypto exchange has honed in on Washington DC, specifically with a new TV campaign promoting the future of crypto.\u00a0<\/p>\n<p>\u201cCryptocurrency, regardless of what you think about it, is not going anywhere,\u201d Armstrong said in a black and white and almost two-minute long <u>commercial<\/u>.\u00a0\u00a0<\/p>\n<p>Coinbase is also facing an ongoing feud with a US regulator after it was served a Wells notice in March over some of its products.\u00a0<\/p>\n<p>A Wells notice means that the US Securities and Exchange Commission is ready to recommend formal charges to its five-member commission.\u00a0<\/p>\n<p>SEC Chair Gary Gensler has called on exchanges to register and recently said this month that they tend to be \u201c<u>rife with conflicts<\/u>.\u201d\u00a0<\/p>\n<p>Lawmakers in the nation\u2019s capital are working on bills to regulate crypto, but it\u2019s yet to be seen what bills will come to fruition.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/coinbase-ceo-criticizes-us-lawmakers-regulators-over-regulatory-approach-warns-of-upcoming-innovation-china.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase CEO Brian Armstrong criticized US lawmakers and regulators over their approach to bringing \u201cregulatory clarity\u201d to cryptocurrency and warned that innovation is moving offshore. Countries like China will benefit from \u201crestrictive U.S. crypto policies,\u201d Armstrong said in a MarketWatch opinion article on Tuesday.\u00a0 \u201cBy enforcing restrictive policies, the U.S. is inadvertently driving crypto-innovation offshore,\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-15976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase CEO Criticizes US Lawmakers, Regulators Over Regulatory Approach, Warns of Upcoming Innovation in China | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Coinbase CEO Brian Armstrong criticized US lawmakers and 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