Global Discussions on Crypto Regulation Intensify
The proposed legislation to regulate the cryptocurrency market, a topic that has been on the US agenda for some time, is set to be a focal point of discussions in Davos. Despite the US bill concerning the structure of the cryptocurrency market currently being stalled, global conversations on the matter are expected to continue at the World Economic Forum.
Coinbase CEO's Davos Agenda
Coinbase CEO Brian Armstrong has announced his intention to discuss the US cryptocurrency bill with banking leaders during his participation in Davos. In a video message shared on X, Armstrong confirmed that he would be actively engaged in discussions regarding the US cryptocurrency market structure legislation at the World Economic Forum in Switzerland. This event is notable for its attendance by prominent figures, including US President Donald Trump and numerous European leaders.
Armstrong further elaborated that Coinbase would dedicate significant effort to the bill throughout the Davos proceedings. He indicated plans for further meetings with bank executives to address and resolve any outstanding points of contention.
“This week in Davos, we will continue discussions on the US digital asset market structure proposal. Through further meetings with bank CEOs, we will work to reconcile the remaining points of disagreement.”
Key Stances on Stablecoins and Competition
Armstrong also emphasized his belief that stablecoins should foster a level playing field for both cryptocurrency companies and traditional financial institutions. He intends to convey the outcomes of the discussions held in Davos to the US Senate and administration, with the aim of facilitating the advancement of the legislation.
Coinbase's Previous Withdrawal of Support
It is important to recall that Coinbase had previously withdrawn its support for the market structure bill in the preceding week, following a review of the Senate bill's updated text. Armstrong had articulated that certain provisions within the draft text presented significant risks to the industry. He specifically noted that some of the proposed changes in the draft could potentially eliminate stablecoin rewards and grant banks the authority to restrict competition.