US Risks Falling Behind G20 in Crypto as Coinbase CEO Warns of Regulatory Lag

Coinbase CEO Brian Armstrong has expressed concern that the US is falling behind other major economies in establishing clear regulations for cryptocurrencies. In a recent post on X, Armstrong emphasized the need for federal rules to guide the industry and preserve the country's position in global finance.

The majority of G20 countries have already adopted or are developing frameworks for digital assets, making the US an outlier. Armstrong specifically mentioned that the UK has recently established its own regulatory framework for crypto trading.

He urged the Senate to pass the CLARITY Act by September 15th, which would provide clearer guidelines and roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

CFTC Chairman Michael Selig has suggested that if Congress stalls, the agency could use its existing authority to provide greater regulatory clarity.