Coinbase, America’s largest crypto exchange, is turning to television to explain why crypto is so important to the United States.
On May 22, Coinbase CEO Brian Armstrong announced that they were running a TV campaign in Washington DC this week. The aim of the endeavor is to explain “why crypto is the most important technology America has to update the financial system.”
Coinbase CEO: Crypto is Not a Financial Product
Armstrong opened the broadcast by stating that the naïve view of crypto is that it is some speculative asset that people are trading, “and they’re gonna lose their shirts.”
This is a view widely shared by a number of uninformed U.S. politicians. Many of them are working hard to crack down on crypto for that reason.
“That’s missing the forest for the trees,” Armstrong said. People are speculating on crypto as an asset class, but it also has many novel use cases. Armstrong went on to explain some of these applications of the technology:
“Fundamentally, crypto is not a financial product. It’s a technology that can update all kinds of financial products: from quicker settlement times, to instant global payments, and even new ways for artists and creators to get paid for their work.”
Moreover, he added that crypto isn’t going anywhere and can’t be un-invented. Most of the world is embracing this technology now and using it to update their financial systems.
The Coinbase executive said that the fear is that America will return to crypto when it’s too late, just as it has with 5G or semiconductors (where China dominates in both industries). He closed the video by stating:
“I think crypto is the most important technology to update the financial system and create more economic freedom in the world.”
The short video, which was shot in black and white with rather foreboding background music, was published around 12 hours ago at the time of writing.
However, there were a bunch of links below the YouTube video directing viewers to Coinbase. This could make it look like an advertisement rather than a campaign for fair regulations.
Regulatory Pressure Mounting
Political lobbying and pushback have ramped up in the United States as the old guard continues to crack down on the fledgling industry.
The Security and Exchange Commission refused to provide more clarity on crypto regulations denying a request from Coinbase last week. Self-styled financial “cop on the beat” Gary Gensler, who chairs the SEC, claims the rules are already in place and cryptos are securities. This viewpoint goes against previous statements made by Gensler in 2018.
However, Congress has yet to officially classify the asset class, and the regulator is working on its own agenda.
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