Coinbase co-founder and CEO Brian Armstrong believes that the US is the best country in the world to be innovating in the crypto sector.
US innovation and future with cryptocurrencies in the country
He wrote this in a recent tweet in which he quoted a critique by Sam Altman of US policy towards cryptocurrencies.
The US is absolutely the best place to build crypto innovation if we can get it right.
And American citizens (and voters!) overwhelmingly want it. https://t.co/PMNstouJGo
— Brian Armstrong (@brian_armstrong) September 10, 2021
Altman argues how it seems surreal to watch how a negative policy towards cryptocurrencies can take this innovation out of the US, despite this being the best country in the world to build an innovative future. He added:
“And American citizens (and voters!) overwhelmingly want it”.
The SEC, which is not a political but a technical body, would like to regulate something as non-regulatable as DeFi.
There are several initiatives in place that could limit the innovative power of cryptocurrencies in the US, despite the fact that a lot is already being done in this field in the US itself.
Coinbase itself, with its IPO in April, has shown that the crypto sector is now ready for the mainstream, and especially to enter fully within the regulatory enclosure in which traditional financial companies also operate.
Interstate competition and the example of Ukraine
Brian Armstrong is not objective when he defines “his” United States as the best place in the world to make innovation in the crypto sector, but it is still very difficult to completely wrong him, also by virtue of the fact that US financial markets are the most developed and important in the world.
This is a real competition between states, that is between those who are trying to ride these innovations (such as Ukraine), and those who are still skeptical, reluctant, or even contrary, such as Russia.
Among the former we can include the US, while among the latter China, and this could be the ground for an epic confrontation between superpowers.
In addition to El Salvador, the Seychelles seems to have joined the group of favorable countries with an initiative to legalize crypto exchanges, while the central banks of Sweden and Mexico seem to have joined the group of skeptics.
Creating freedom of movement on citizens’ savings
It is necessary to distinguish not only between banks and governments, which are not always aligned, but also between the same governments and the population, since for example in Russia, where banks and governments are against, the citizens seem to be definitely in favor, given the use they already make of cryptocurrencies.
From this point of view, the most striking example is Nigeria, where in front of a strong increase in the use of cryptocurrencies, the authorities continue to be skeptical and try in vain to oppose them.
Brian Armstrong is right when he says that citizen voters, particularly in the US, support the use of these much freer forms of value movement than traditional fiat currencies.
Perhaps only those who do not want citizens to have such freedoms are against their mass adoption. It is hardly surprising that governments and central banks are not in favor of giving their own citizens greater freedoms in the use of their money.