NEWS Coinbase CEO Drops Bombshell Prediction – Is China Set To Dominate Crypto?

[Google News Bot]

Coinbase CEO Brian Armstrong has warned that the US risks ceding its global financial leadership and innovation hub status if it fails to recognize the transformative potential of blockchain technology and cryptocurrency. In a recent interview with Market Watch, Armstrong urged policymakers and regulators to provide regulatory clarity to ensure consumer protection and realize the promise of crypto. Armstrong further claimed: By enforcing restrictive policies, the U.S. is inadvertently driving crypto-innovation offshore. That shift will compromise America’s legacy of pioneering technolog ...

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[linux.poet]

I don't think what he is saying is "bombshell", he's just probably reacting to the Chinese introduction of the digital yuan and sweeping bans of other cryptocurrencies. That appears to be a bid by the Chinese government to get more control over it's citizens.

The thing about the United States, in general, is that it is a very slow and lumbering regulation system. With the huge amount of federal bureaucratic agencies feeding information to the 435 members of Congress that make regulations that then have to be approved by the President at the federal level, making policy and legislation is difficult - by design. But that's not including all of the state regulations and taxes as well, all of which have to go through a passage through a state legislature and being signed by the governor. And then there is the court system, which is supposed to evaluate how well the laws add up against America's founding documents. We spend years of our life in school ostensibly learning how the American government works, and even after that the complexities are still so elusive that we need multiple news sources to keep researching and telling us about all of the moving parts.

The thing about the American system of legislation is that it is not designed to be fast, it is designed to be right, or at least try to be right. The more people that have to approve legislation or any governmental action, the less likely it will be that someone can push through their own interest in government at everyone else's expense. But also, the more people who have to approve a governmental action, the slower it is. Hence the slowdown. The more people's interests you have to balance, debate between and hear out, the longer it takes to do anything. And America is a huge country. Legislation is bound to cause a hassle or a problem for someone somewhere, so it takes a lot of talking and compromises. Every citizen here can challenge a regulation in court or vote against the elected representatives who made it.

By contrast, a totalitarian regime is very fast and agile, because their government acts in their own interest very fast. The government operates at the speed of individual decision making, or close to it, and in the totalitarian ruler's self-interest. So of course China will outpace the United States in cryptocurrency regulation. But when the United States gets around to regulating it, hopefully it will set a policy in the best interest of crypto developers, investors, and businesses who want to accept crypto as payment.