• Coinbase CEO Brian Armstrong has urged US citizens to take action and email their representatives in order to vote “Yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21).
• This bill is expected to provide regulatory clarity for companies in the crypto space, setting jurisdictional differences between securities and commodities regulators.
• Coinbase believes that voting ‘yes’ on this bill would protect consumers, national security, and promote job opportunities within the US.
Coinbase CEO Calls On Americans To Support Crypto Regulatory Clarity Bill
Coinbase CEO Brian Armstrong has called on United States citizens to take action and email their representatives in order to vote “Yes” on the Financial Innovation and Technology for the 21st Century Act (FIT21). This bill may provide much-needed regulatory clarity for companies operating within the crypto space, setting jurisdictional differences between securities and commodities regulators.
How Voting “Yes” Would Benefit The US
Coinbase believes that voting ‘yes’ on this bill would protect consumers, national security, and promote job opportunities within the US. This could potentially keep crypto businesses based in America rather than moving overseas due to lack of legal certainty. Furthermore, it would also help foster innovation by providing a clear framework which businesses can adhere to when developing new products or services related to blockchain technology.
Other Countries Looking To Attract Crypto Firms
Earlier this year various crypto companies decided to test out different areas of the world which may be a good fit amid the regulatory uncertainty in America. On May 8th Brian Armstrong visited the United Arab Emirates (UAE) whilst Gemini picked Ireland as a headquarters for its European operations. Despite these difficulties Coinbase continued its efforts to remain active in multiple jurisdictions around the world including Japan, Canada, Singapore & Brazil.
Crypto Companies Unite For FIT21 Bill
In response to these issues several large cryptocurrency firms have banded together under an initiative known as ‘The Crypto Council’. The purpose of this coalition is to advocate for legislation such as FIT21 which provides greater legal certainty for all players involved in digital asset trading or development.
Overall it appears that there is a growing amount of support from across both industry & government bodies when it comes to regulation surrounding cryptocurrencies & blockchain technologies. We will have wait until July 27th when lawmakers cast their vote so see whether or not FIT21 passes but if successful then we could see some significant changes within America’s digital asset landscape over time.