Coinbase, Americaโs largest cryptocurrency exchange, is turning to television to explain why cryptocurrency is so criticalย to the United States.
On May 22, Coinbaseย Cryptoย exchange CEO Brian Armstrong announced that they were running a Television campaign in Washington DC thisย comingย week. The aim of the endeavor is to explain โwhy cryptocurrency is the most important technology America must update the financial system.โ
Coinbaseย Cryptoย exchange CEO: Cryptocurrency is Not a Financial Product
Armstrong opened the broadcast by stating that the naรฏve view of cryptocurrency isย theย factย that it is some speculative investment that people are trading, โand theyโre gonna lose their shirts.โ
This is a view broadly shared by a number of uninformed Unitedย States politicians. Aย lotย of them are working hard to crack down on cryptocurrency for that reason.
โThatโs missing the forest for the trees,โ 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:
โFundamentally, cryptocurrency is not a financial product. Itโs 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.โ
Furthermore, he alsoย mentionedย that cryptocurrency isnโt going anywhere and canโt be un- invented. Most of the world is embracing this technology now and using it to update their financial systems.
The Coinbaseย Cryptoย exchange executive stated that the fear isย theย factย that America will return to cryptocurrency when itโs asย well late, just as it has with 5G or semiconductors (where China dominates in both industries). He closed the video by stating:
โI think cryptocurrency is the most important technology to update the financial system and create more economic freedom in the world.โ
The short video, which was shot in black and white with rather foreboding background music, wasย released around 12 hours ago at the time of writing.
Nonetheless, there were a bunch of links below the YouTube video directing viewers to Coinbaseย Cryptoย 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 theย Unitedย States as the old guard persistsย to crack down on the fledgling industry.
The Security and Exchange Commission refused to provide more clarity on cryptocurrency regulations denying a request from Coinbaseย Cryptoย exchange pastย week. Self-styled financial โcop on the beatโ 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 isย still to officially classify the investment class, and the regulatingย authority is working on its own agenda.
