Brian Armstrong, the chief executive officer of cryptocurrency giant Coinbase, is surprised by the fact that Bitcoin is trading above the $20,000 mark. The largest cryptocurrency is up more than 59% on a year-to-date basis.
At press time, it is trading just above the $27,000 level, but it is still down more than 60% from its all-time high.
U.S. lags in adoption
During a Thursday CNBC interview, Armstrong cited frustration among many Americans over the absence of clear rules on cryptocurrencies, pushing significant segments of the industry offshore.
He pointed out the favorable stance of many G-20 countries towards crypto, in stark contrast to the U.S., which is seen as lagging, with crypto-related job market share shrinking from 40% to 29%. He asserted that most countries, including Singapore, Hong Kong, the U.K., Brazil, and Australia, have embraced crypto, considering it an integral part of their financial ecosystem
FTX and SEC v. Coinbase
Armstrong also touched upon the upcoming trial of Sam Bankman-Fried (SBF), labeling it salacious and headline-grabbing and comparing it to past negative incidents like the Mt. Gox issue.
However, he was quick to clarify that many founders, along with him, are striving to develop the industry responsibly and trustworthily. He notes that the industry is aiming for regulations that foster innovation while preventing undesirable activities and entities from flourishing.
The ongoing SEC vs. Coinbase case also remains a topic of significant interest, with Armstrong feeling confident about the outcome. The Coinbase boss referenced three separate court rulings by different judges to stress his point that the SEC’s approach is ineffective, arbitrary, and, in some instances, unlawful.