Ethereum and altcoins, especially Bitcoin, the leading cryptocurrency, experienced a nice rise yesterday.
While there was a rise in BTC and altcoins, important statements came from Brian Amstrong, CEO of Coinbase, the largest cryptocurrency exchange in the USA.
Participating in CNBC's Squawk Box program, Coinbase CEO touched upon issues such as Bitcoin and lack of regulation in the USA.
He said he was happily surprised that despite all the negative events, Bitcoin is currently trading above $20,000.
Pointing out that there are 52 million cryptocurrency users in the USA, the famous CEO stated that this number is not to be underestimated and that there is a lack of regulation in the USA.
Stating that at this point, the authorities are going the wrong way in determining rules for the crypto industry, Armstrong said that companies prefer to do business outside the USA because there are no clear rules in the crypto industry.
“Although the number of crypto users in the USA is high, there are no clear rules. That is why US companies prefer to do business abroad.
This caused the crypto market share in the USA to decrease from 40% to 29%. However, in countries outside the USA such as Singapore, Hong Kong, Brazil and Australia, this is the opposite.”
Addressing the upcoming lawsuit of FTX founder SBF, Coinbase CEO compared the FTX incident to the Mt.Gox incident in the past. Pointing out that the FTX incident should not be forgotten, Armstrong emphasized that the FTX incident had very negative effects on the industry, and that despite these effects, many founders tried to develop the industry in a responsible and reliable way.
Finally, touching on the ongoing SEC-Coinbase case, the famous CEO reiterated his opinion that the SEC's approach is ineffective and arbitrary.
Referring to three separate court decisions given by different judges regarding the Coinbase-SEC case, Armstrong expressed his confidence in the outcome of the court.
