Coinbase CEO Brian Armstrong on risks of potential regulation

Coinbase CEO Brian Armstrong on risks of potential regulation

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when it comes to treasury secretary janet yellen who's been very critical of crypto and fed chairman jay powell i asked brian if he thinks they understand the crypto world in general crypto is a very new space and people are working to get up to speed on it in every way i think one of the big things that's not well known out there yet today um there's still some folks that are in this mindset of hey this must be mostly used for illicit transactions and um i always kind of cringe a little bit when i see that because frankly it just
00:31
doesn't match the data underneath um if you look at the block third-party blockchain analytics firms and um you know there was a report kind of published today by the crypto council for innovation that looked at this uh you know our best estimates are that less than one percent of all transactions in crypto are for illicit purposes and by the way um in the traditional economy certainly with cash it's pwc estimates it's as high as four percent it's for illicit transactions and in the broader economy it could be anywhere from two to four percent so
01:01
um you know the data we have just indicates that crypto is really not uniquely crime written in fact it's the data suggests it's better than uh than cash in that regard so these are the kinds of conversations that we need to increasingly go have with our partners in government and i think we just want to be a helpful resource um to you know talk to them about this new emerging technology and what are the opportunities it's going to create that's honestly it's far more interesting to look at the opportunities while also you know being thoughtful about media
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getting any risks in terms though of of risks real risks even existential risks to the business where does regulation lie to you in terms of how regulators think about cryptocurrency yeah so i think it's one of the biggest ones it's right up there with cyber security it's the couple and the couple biggest ones that i think about and especially now that coinbase is a public company um we're going to increasingly be having scrutiny about what we're doing and people want to understand the implications of it and so we're very happy to engage just as we
02:04
have been over the last 10 you know nine years really since um since the start of the company with everybody in um in dc and really lawmakers policy folks around the world because it plays of course coinbase is in many different countries now um about how we can most thoughtfully build this industry and this company as i mentioned earlier this is a regulated financial service business today so we're very excited and happy to play by the rules and we uh basically we just asked that hey let's we want to be treated on a level
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playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space shepard smith here thanks for watching cnbc on youtube

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