A Coinbase executive says the United States is lagging behind other major countries when it comes to adopting clearer regulations for cryptocurrencies.
In a new interview with Yahoo Finance, Faryar Shirzad, chief policy officer of the top US crypto exchange, says the majority of Group of Twenty (G20) members are far ahead of the United States in helping the crypto industry.
The G20 countries account for approximately 85% of the world’s gross domestic product and 75% of international trade.
Says Shirzad,
“Unfortunately, the US is an outlier. Most of the G20, over 80 percent of the G20 and the major market economies are moving quite aggressively towards adopting quite clear regulatory frameworks around crypto.
So most financial centers and most major economies, the EU, Britain, Hong Kong, Australia, Singapore, Brazil and now Canada. So the rest of the world has accepted and is adopting tokenization, integrating it into the financial system, especially with an eye toward serving consumer interests.
And in the US we are on a slower track. And I think that’s really our key message, that the US really needs to get started on both stablecoin regulation and regulation of the broader market structure. And I think this will allow the US industry to grow and develop and consumers will get the protection they deserve.”
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