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Coinbase‘s Chief Policy Officer Faryar Shirzad recently highlighted a concerning trend in an interview. He pointed out that the United States is falling behind other major economies in creating clear regulatory frameworks for cryptocurrencies. Shirzad noted that while a significant majority of G20 countries are rapidly moving towards regulatory clarity in the crypto space, the US is lagging behind.
Coinbase Executive Emphasizes US Focus in Crypto Space
Shirzad criticizes the US stance, stating:
“The US has been an outlier in this regard. More than 80% of G20 countries and major market economies are taking significant steps towards adopting transparent regulatory frameworks for cryptocurrencies. G20 countries represent a significant portion of the global economy, accounting for about 85% of the world’s gross domestic product (GDP) and 75% of international trade. Among these countries, regulatory progress in the crypto sector is evident.”
Shirzad mentioned that countries like the EU, UK, Hong Kong, Australia, Singapore, Brazil, and most recently Canada have embraced tokenization and integrated it into their financial systems. He highlighted that these countries’ approaches are focused on consumer protection and industry growth.
However, Shirzad expresses concern over the slower pace of regulatory development in the US. He emphasizes the urgent need for comprehensive regulations, particularly regarding stablecoins and broader market structures, to facilitate the growth of the crypto industry and ensure consumer protection.
We’re Moving Slowly in the US
Shirzad points out that the US is following a slower path and stresses the necessity to accelerate the regulatory process for stablecoins and the overall market structure. According to him, doing so will provide necessary protections to consumers while encouraging the growth and development of the sector.
As the global crypto market continues to develop rapidly, regulatory clarity is becoming increasingly vital. Without clear rules, businesses and consumers face uncertainty and potential risks.
Legal Regulations in Crypto Space Should Be a Priority
According to Shirzad, as a leading economic power, the US should prioritize the creation of robust regulatory frameworks to maintain its competitive strength in the crypto space and protect its citizens’ interests.
The disparity between the regulatory approaches of the US and other major economies underscores the urgent need for accelerated regulatory action in the United States. Shirzad believes that by adopting transparent and comprehensive regulations, the US can unlock the full potential of the crypto sector and ensure the safety and security of market participants.
