Brian Armstrong Says US Is Squandering Its Lead On Crypto As ‘Embarrassed’ Regulators Attempt Crackdown

Coinbase chief executive Brian Armstrong thinks lawmakers in the United States are “squandering” crypto opportunities for the country because they’re still shell-shocked from FTX’s implosion last year.

Armstrong notes that the U.S. has fallen in “economic freedom rankings” over the years, citing a yearly list published by the Heritage Foundation, a conservative think tank based in Washington D.C.

The CEO argues that crypto is the best-suited technology to increase economic freedom across the world.

“The US is squandering an early lead, in part because SBF (Sam Bankman-Fried) embarrassed some politicians and regulators who now want to look tough on crypto.

Pretty much everyone else has moved on though, and FTX is not really discussed in the UK, UAE, etc. The way to solve it is to just get sensible regs in place so consumers are protected and these issues will stop happening.”

Sam Bankman-Fried, FTX’s disgraced CEO, was a prolific political donor prior to the collapse of his crypto empire.

He reportedly gave around $40 million in the last election cycle alone, and The Verge published a story in December indicating three Democratic Party campaign groups that received funding from Bankman-Fried were reportedly planning to return more than $1 million worth of political contributions.

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