Coinbase CEO Brian Armstrong Says US Won't Become 'Crypto Capital Of The World' If One Policy Proposal Passes

Benzinga

Coinbase CEO Brian Armstrong slammed a Senate Democrat DeFi bill as “a bad proposal” that would stifle innovation. The plan could classify DeFi platforms as brokers, prompting warnings it may drive crypto development overseas.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:03Coinbase CEO Brian Armstrong criticized a new Senate Democrat proposal to regulate

00:08decentralized finance, calling it a bad proposal that would set innovation back,

00:14according to Benzinga. The draft reportedly classifies DeFi front-end providers as brokers

00:19required to register with the SEC or CFTC, while protocols earning no revenue could qualify as

00:26sufficiently decentralized. The Blockchain Association said the plan would effectively

00:32ban decentralized finance, wallet development, and other applications in the United States.

00:37Armstrong warned it would prevent the U.S. from becoming the crypto capital of the world.

00:43Republicans on the Senate Banking Committee called the draft unworkable. Analysts said it

00:47could push capital and innovation offshore, as banks like Goldman Sachs and Citi advance

00:52blockchain settlement projects. For all things money, visit benzinga.com.

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