Coinbase’s Brian Armstrong, the renowned CEO, has issued a call to action for all US citizens, urging them to express their support for the Financial Innovation and Technology for the 21 Century Act (FIT21) to their respective representatives. This legislation could be a game-changer in bringing much-needed regulatory clarity to the cryptosphere.
On July 26, both FIT21 and the Blockchain Regulatory Certainty Act received favorable votes from lawmakers. These bills promise to shed light on the regulatory environment for crypto enterprises, including clarifying the jurisdictional differences between securities and commodities regulators within the US.
Armstrong, via a tweet, encouraged American citizens to make their voices heard, pushing their representatives to support the FIT21 Act as voting continued into the next day. Although he recognized that the legislative journey for the bill would continue to shape it, Armstrong maintains that a “Yes” vote for the bill would fortify the protection of American digital assets, bolster innovation, and safeguard national security.
Additionally, Coinbase stressed that the FIT21 Act, beyond simply safeguarding consumers and enhancing national security, could also stimulate job creation across the country. This hint at potential benefits may sway US-based crypto businesses contemplating foreign jurisdictions to remain domestic, thereby continuing to engage local talent.
Earlier this year, amidst a backdrop of regulatory uncertainty in the US, several crypto firms began exploring other parts of the globe for possible relocation. For instance, Armstrong visited the United Arab Emirates on May 8, evaluating its viability as a strategic hub for Coinbase. Similarly, on May 26, Gemini, the crypto exchange, chose Ireland as its base for European operations, amidst what some have referred to as the US’s “crypto war.”
Despite regulatory challenges in the US, Coinbase has not relented in its attempts to foster constructive dialogue with US regulators throughout the year. Armstrong invited regulators for an ice cream social and discussion on cryptocurrency in Washington D.C., on February 13. He also reportedly had confidential meetings with Congress members on July 19, discussing legislation relating to digital assets.
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