Coinbase Global Inc. (NASDAQ: 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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