Coinbase CEO, Brian Armstrong, is actively encouraging US citizens to take a stand and support the Financial Innovation and Technology for the 21 Century Act (FIT21), a groundbreaking legislative proposal that could bring much-needed regulatory clarity to the crypto industry.
The vote on FIT21 and the Blockchain Regulatory Certainty Act took place on July 26, representing a significant step towards defining the jurisdictional boundaries for crypto companies.
In a Twitter post, Armstrong called on Americans to seize the opportunity and urge their local representatives to vote “yes” for FIT21, as it could have far-reaching effects on digital assets, innovation, and national security.
Promoting Crypto Legislation for Economic Growth
Brian Armstrong believes that FIT21 will not only foster investor protection and national security but also create new job opportunities within the United States. By offering regulatory clarity, this legislation may persuade crypto companies, who were previously considering relocating due to regulatory uncertainties, to continue their operations within the country and employ local professionals.
The Global Competition
In light of regulatory uncertainties in the US, several crypto companies explored the possibility of relocating to more favorable jurisdictions around the world. In May, the exchange Gemini chose Ireland as its European headquarters amid what industry observers labeled as a “war on crypto” in the United States. To assess potential strategic locations, Armstrong visited the United Arab Emirates in early May.
Coinbase’s Efforts to Engage with Regulators
Despite the challenges in the US regulatory landscape, Coinbase has been proactive in engaging with regulators. In February, Armstrong invited regulatory authorities in Washington to discuss crypto-related matters. Furthermore, he met with members of Congress behind closed doors on July 19 to discuss legislation concerning digital assets.
The upcoming vote on FIT21 is a critical moment for the crypto industry in the United States. Coinbase CEO Brian Armstrong‘s call for US citizens to actively support the legislation underscores its significance for the country’s economic growth, investor protection, and national security. By encouraging Americans to reach out to their representatives, Armstrong is championing regulatory clarity, which can help retain crypto businesses and create new job opportunities within the US. As the global competition for crypto innovation intensifies, the passage of FIT21 could prove to be a turning point for the US crypto industry.
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