Coinbase Global Inc. COIN CEO Brian Armstrong posted a video revealing U.S. Sen. Roger Marshall's admission that the American Bankers Association (ABA) played a significant role in drafting the Digital Asset Anti-Money Laundering Act, also known as the “crypto ban” bill.
This bill, co-authored by Sen. Elizabeth Warren and Sen. Marshall, was a topic of intense debate for its potential impact on the regulation of digital assets.
Armstrong's post, which highlighted the political risks of being anti-crypto, came at a time when the cryptocurrency sector is gaining substantial traction among the American public.
He pointed out that being anti-crypto could be a detrimental political strategy going into the 2024 elections, citing several statistics:
- Approximately 52 million Americans have used cryptocurrency.
- 38% of young Americans believe crypto can increase economic opportunities.
- Only 9% of Americans are satisfied with the current financial system.
- Cryptocurrency prices have seen a 90% increase year-to-date.
- The website "standwithcrypto.org" is on its way to gathering 1 million advocates (voters) in favor of sensible crypto policies.
The background to this unfolding scenario involves Sen. Marshall's acknowledgment of the banking sector's involvement in shaping the Digital Asset Anti-Money Laundering Act.
This revelation raised concerns about the influence of traditional financial institutions on legislation that directly affects the rapidly growing cryptocurrency sector.
The involvement of the ABA in the bill's drafting process suggested a potential conflict of interest, given the banking industry's cautious stance towards digital currencies.
Meanwhile, in a recent blog post, Armstrong emphasized the burgeoning influence and potential of cryptocurrency, stating, "Cryptocurrency isn’t just here to stay — it’s the future of money."
He highlighted the global scale of cryptocurrency adoption, with 425 million people owning it and 83% of G20 countries working toward regulatory certainty for the industry.
The CEO's insights align with the growing dissatisfaction among Americans with the traditional financial system.
He pointed out that half or more of key consumers and voters in the U.S., including 52% of adults aged 18-40, are actively seeking alternatives.
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This sentiment is particularly strong among minority communities, with six in 10 black Americans and nearly half of Hispanic Americans looking towards crypto for more open and global financial solutions.
Armstrong also noted the increasing utility of crypto beyond being an asset class, driving updates to the century-old financial system.
He mentioned the widespread acceptance of crypto payments by more than 100,000 merchants and major payment rails such as PayPal and Visa, attracted by lower fees, higher speed and access to new customers.
In 2022, global on-chain stablecoin transfers approached $9 trillion, surpassing the combined volume of Mastercard Inc MA, American Express Company AXP, and Discover Financial Services DFS.
Armstrong emphasized the advantages of stablecoins, such as speed, affordability and accessibility, over traditional fiat money.
The Coinbase CEO also pointed out the significant role of crypto in countries with low economic freedom, such as Argentina, Brazil and Nigeria, where it is increasingly used for payments and wealth preservation.
Additionally, he highlighted the efficiency of crypto in remittances, being 96% cheaper and significantly faster than traditional methods.
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