Brian Armstrong, CEO of Coinbase, has expressed optimism that recent enforcement actions, such as the settlement between Binance and the U.S. Department of Justice, will mark a pivotal moment in the cryptocurrency industry’s efforts to address bad actors. Speaking at the Global Investment Summit in London, Armstrong noted that actions against Binance and the now-bankrupt FTX demonstrate that taking operations offshore is not a sustainable strategy. He emphasized the importance of adhering to regulations and highlighted the need for U.S.-based companies that comply with regulations to take the lead.
While Coinbase itself faces legal challenges from U.S. regulators regarding allegations of operating an unregistered broker, exchange, and clearing agency simultaneously, Armstrong expressed confidence in the case’s outcome, anticipating that it will contribute to regulatory clarity in the United States. Despite Coinbase’s global expansion efforts, Armstrong reaffirmed the company’s commitment to its U.S. business, citing the significance of the American market.
In addition, Armstrong highlighted the significance of the race to launch a spot-bitcoin exchange-traded fund (ETF), describing it as a “monumental” development for the industry. He believes that a spot-bitcoin ETF would attract new capital into the crypto space, providing legitimacy to the industry and expanding participation beyond current capabilities.
