Brian Armstrong, Coinbase CEO
In a recent interview with Yahoo Finance, Coinbase CEO Brian Armstrong shared insights into the company’s plans and its interest in flatcoins.
Armstrong also shared more details on the future of cryptocurrency and the necessary next steps amid growing regulatory scrutiny.
Coinbase’s exec talked about ‘flatcoins’ in the interview, which is an emerging concept that has yet to gain much traction in mainstream crypto discussions. Armstrong explained, “Flatcoin is kind of the next iteration of stablecoins that’s more maybe linked to CPI or purchasing power. It’s a new thing on the horizon.” While Coinbase isn’t currently working on flatcoins, the exec expressed interest in exploring the idea further.
According to him, the exchange is also investing in its derivatives platform, which will be promoted internationally and within the US as part of its ongoing efforts to extend its market reach and influence. Furthermore, Armstrong mentioned a recently published blog post discussing prospects and innovations, highlighting potential investment areas. This suggests that Coinbase’s venture capital could be directed towards these opportunities.
Armstrong also mentioned their recently launched Base layer 2 blockchain network, which the company plans on using to enable blockchains to scale by reducing costs and confirmation times.
He also commented on crypto regulations, acknowledging the challenges caused by a lack of regulatory clarity and the industry’s efforts to find solutions globally.
Despite the ambiguity surrounding the regulatory landscape, Armstrong remains optimistic. He mentioned that 83% of the G20 countries are either implementing or on the verge of adopting crypto legislation, signifying a progressive approach. He also emphasized the need for the US to follow suit to maintain its position as a technology hub.
He also spoke of balancing innovation and consumer protection while advocating for sensible regulation instead of a complete ban or excessive regulation.
Armstrong also thinks clarity could be achieved through courts, Congress, or the Commodity Futures Trading Commission (CFTC). He also suggested that a new SEC chair in 2024 might bring a fresh perspective, hinting that a change from the current one, Gary Gensler, could benefit the industry.
The CEO also mentioned that crypto might play a major role in the 2024 presidential race, as voters anticipate candidates to disclose their stance on the issue. Armstrong didn’t endorse any specific candidates but highlighted positive discussions about crypto in the current political landscape.