Recently, Brian Armstrong, CEO of the crypto exchange Coinbase, made some statements about a supposed global super-app.
Secondly, he stated that he thinks the 2024 general elections will play a key role in the regulation of the blockchain industry.
Let’s see all the details below.
Summary
Will the Coinbase crypto exchange become a global app?
The CEO of Coinbase, Brian Armstrong, is not deterred by the recent US Securities and Exchange Commission (SEC) lawsuit.
As a matter of fact, he has a grand vision for the exchange platform, envisioning it as a potential global “super-app” in the future.
According to Armstrong, Coinbase, which is currently a centralized cryptocurrency exchange with several cryptographic products, will evolve over time to become a “super-app” that will contribute to the Web3 economy.
It is worth recalling that dApps, or decentralized apps, are similar to the digital apps found on mobile devices, but with the added functionality to use blockchain technology.
This decentralized approach allows dApps to create a digital economy based on peer-to-peer services, keeping user data outside the control of large organizations and challenging market monopoly.
In addition, the term “super-app” is being used to describe applications such as Tencent’s WeChat, found on Web2, which offer a wide range of services to users, including financial services and medical reservations.
Armstrong noted that people in Asia have long been using apps that enable them to manage digital money in multiple areas of their lives.
Specifically, he expressed this perspective during the State of Crypto Summit, an event organized by Coinbase and Financial Times in New York:
“I think at Coinbase, in this case, we want to be that super app, but it’s going to be all based on these decentralized protocols. The app will be used not only for money and resources but also for social interactions.”
Armstrong: “2024 elections will be critical for crypto regulation”
According to Brian Armstrong, the upcoming US presidential election could be a potential turning point for the cryptocurrency industry.
Specifically, during a conference in New York City, Armstrong expressed his opinion that the recent lawsuit filed by the Securities and Exchange Commission (SEC) against his exchange could eventually lead to greater regulatory clarity for the industry as the case is dealt with in court.
“Frankly, the 2024 election is also a factor here. It is politically unpopular to be anti-crypto right now, and we will potentially see change here, whether in the administration, parties or the SEC presidency.”
Armstrong also mentioned the SEC’s lawsuit against competitor Binance, underscoring the impact that regulators’ legal actions can have on the entire cryptocurrency industry:
“As we’ve seen other law enforcement actions fall — which, I have to remind people, we’re engaged with the SEC on a civil matter, which is kind of a technical question of what is a commodity and what is a security, the courts can help do clarity there.
The other problem we are having is different. There are criminal matters. There are allegations of illegal trading, commingling of funds, personally appointed executives and CEOs. None of that is really a problem at Coinbase.”
It is worth recalling that Coinbase has been involved in a long-standing dispute with the SEC, having filed a lawsuit against the agency earlier this year urging the introduction of new rules for the digital asset industry.
In response, the SEC filed a lawsuit against the exchange earlier this month, alleging that it violated securities law.
Will crypto policies emerge as an electoral matter?
Recently, Coinbase has also embarked on a major campaign to gain public support for its cause, in addition to pursuing the legal route.
Last month, the exchange launched a television commercial to counter what it calls a “naïve view” of digital assets.
At this point, it is safe to say that there are clear signs that cryptocurrencies are emerging as a political issue, especially among candidates challenging major contenders.
For example, Florida Governor Ron DeSantis, a Republican who kicked off his presidential campaign in a Twitter Spaces event with Elon Musk, has stated that he will protect Bitcoin if he is elected.
On the other hand, Democratic candidate Robert F. Kennedy Jr. also praised Bitcoin, the world’s largest cryptocurrency by market capitalization.
