Coinbase CEO thinks Binance settlement is good for crypto
Coinbase CEO Brian Armstrong spoke positively about the future of cryptocurrencies in a CNBC interview published today, despite the recent downfall of major industry players like FTX.
When asked about the outlook for crypto markets, Armstrong shared a positive outlook for the industry. He said:
I’m pretty optimistic that in the next year between you know some of these ETFs getting approved some regulatory clarity emerging the Bitcoin happening that’s happening that my hope is that next year we’ll see a pretty good outcome for crypto.
Brian Armstrong | Coinbase CEO
Armstrong cited the recent enforcement action against Binance, which agreed to a $4.3 billion settlement with regulators, as helping “turn the page as an industry and recognize that building a company offshore [and] skirting regulation is just not going to work.”
Armstrong said this allows companies that embraced regulation early on to now grow properly.
The Coinbase CEO believes crypto has gone through several boom-and-bust cycles like the dot-com bubble, but sees signs of renewed growth, saying crypto prices are already up over 100% this year. He says that clearer regulation will spur further investment and adoption, citing the UK as an example of positive engagement with regulators.
More regulatory clarity means more investment and foreign investment.
Brian Armstrong | Coinbase CEO
Armstrong also expects more institutional investor interest over time, revealing increased sign-ups from institutions despite recent incidents. He called the potential approval of a crypto ETF “monumental” in bringing new capital into the ecosystem.
On a side note, he warned that central bank digital currencies could raise privacy issues if not carefully constructed, citing China as a cautionary example.
