Brian Armstrong: US authorities are giving positive signals to the crypto industry

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CEO of the largest Americancrypto exchange Coinbase said that the history of the development of the crypto industry and its prospects are convincing more and more US congressmen to support the development of digital assets.

Brian Armstrong duringspeaking at a Milken Institute conference, he stated that he is optimistic about the situation with cryptocurrency regulation in the United States. Armstrong acknowledged that more clarity is needed with the regulation of cryptocurrencies. Although, he believes, the United States is moving in the right direction:

“In a recent executive order, the Biden administrationcalled on various government departments to clarify the rules for regulating cryptocurrencies. It was great to see that officials recognize the need to protect the innovative potential of cryptocurrencies, as it represents enormous potential.”

At the same time, the head of the Coinbase exchange believes that legislators need additional education in the field of cryptocurrency. However, support for the crypto industry among members of the US Congress is growing:

“Representatives of both parties positivelyare evaluating digital assets, and I would even say 50% or more of the legislators that I see now in Congress support digital assets. They believe that this is a benefit for society. Yes, cryptocurrency needs to be regulated, but... it's getting harder and harder to find a true crypto-skeptic in Washington."

The crypto industry reacted positively to the decreeJoseph Biden on digital assets development strategy. In March, Ripple CEO Brad Garlinghouse called the president's executive order on the cryptocurrency development strategy a "victory for the industry" as it could end Ripple's legal battle with the financial regulator.