Brian Armstrong, the CEO of Coinbase, says that the enforcement action taken against Binance has enabled the cryptocurrency industry to ‘turn the page.’
At this point, he emphasized, “There are many, many companies in crypto that are helping build the crypto economy and update our financial system globally. But many of them are still small startups, so I think getting regulatory clarity is going to help bring in more investment in the crypto space.”
Coinbase’s CEO Shares Crypto Industry Outlook
Coinbase’s CEO, Brian Armstrong, spoke about the cryptocurrency industry in detail following the settlements of Binance with the US DOJ (Department of Justice) on Monday during an interview with CNBC.
While noting that there have been several bad actors in the world of crypto, the executive from Coinbase said, “The enforcement action against Binance is allowing us to kind of turn the page on that and hopefully close that chapter of crypto history. It’s a good moment for us to turn the page as an industry and recognize that building a company offshore, skirting regulation, is just not going to work. We’ve seen that now through these high-profile companies that have really gone bust or ended up with regulatory enforcement actions as they should.”
The executive also added how several companies who sought to basically establish their selves legally and responsibly with trust from the beginning now have the chance to grow as they must. Armstrong also said, “It’s true that there has been some small amount of illicit activity in crypto, but it’s actually about less than 1% from what we’ve seen. If you look at the illicit use of cash, for instance, it’s actually, oftentimes, it’s 3% or 4%. That’s much higher than what’s happening in crypto. So we’ve now seen millions of people around the globe … who are using crypto, and these are just ordinary people.”