Coinbase CEO Brian Armstrong has said that a tough approach to regulating the cryptocurrency industry is holding back its development, forcing projects and developers to leave the US.
According to him:
“The enforcement approach has a terrible deterrent effect, and rhetoric matters – we have already seen a huge number of crypto talents, asset issuers and startups go offshore.”
The head of the US-based crypto trading platform has said that the regulators’ strongest argument is the issue of the country’s national security.
He has added:
“The US has missed out on semiconductors and 5G, which are now mostly made overseas. They cannot allow the cryptocurrency to go offshore.”