Coinbase, America’s largest cryptocurrency exchange, is turning to television to explain why cryptocurrency is so critical to the United States.
On May 22, Coinbase Crypto exchange CEO Brian Armstrong announced that they were running a Television campaign in Washington DC this coming week. The aim of the endeavor is to explain “why cryptocurrency is the most important technology America must update the financial system.”
Coinbase Crypto exchange CEO: Cryptocurrency is Not a Financial Product
Armstrong opened the broadcast by stating that the naïve view of cryptocurrency is the fact that it is some speculative investment that people are trading, “and they’re gonna lose their shirts.”
This is a view broadly shared by a number of uninformed United States politicians. A lot of them are working hard to crack down on cryptocurrency for that reason.
“That’s missing the forest for the trees,” Armstrong said. People are speculating on cryptocurrency as an investment class, but it likewise has numerous novel use cases. Armstrong went on to explain some of these applications of the technology:
“Fundamentally, cryptocurrency is not a financial product. It’s a technology that can update all kinds of financial products: from quicker settlement times, to instant worldwide payments, and even new ways for artists and creators to get paid for their work.”
Furthermore, he also mentioned that cryptocurrency 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 Crypto exchange executive stated that the fear is the fact that America will return to cryptocurrency when it’s as well late, just as it has with 5G or semiconductors (where China dominates in both industries). He closed the video by stating:
“I think cryptocurrency 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 released around 12 hours ago at the time of writing.
Nonetheless, there were a bunch of links below the YouTube video directing viewers to Coinbase Crypto exchange. 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 persists to crack down on the fledgling industry.
The Security and Exchange Commission refused to provide more clarity on cryptocurrency regulations denying a request from Coinbase Crypto exchange past week. Self-styled financial “cop on the beat” Gary Gensler, who chairs the SEC, states the regulations are already in place and cryptocurrencies are securities. This viewpoint goes against previous statements made by Gensler in 2018.
Nonetheless, Congress has is still to officially classify the investment class, and the regulating authority is working on its own agenda.