Coinbase CEO Brian Armstrong Addresses DeFi And Regulations

It’s been just revealed that the CEO of Coinbase, Brian Armstrong, is addressing the DeFi and regulations. Check out the latest reports below.

Armstrong says he’s grateful that Michigan Democrat Debbie Stabenow and Arkansas Republican John Boozman are attempting to get the ball rolling on regulatory clarity for crypto and DeFi.

As the online publication the Daily Hodl notes, the US Senators have been working to create legislation that would empower the Commodity Futures Trading Commission (CFTC) to regulate the crypto spot markets via a new class of assets called “digital commodities.”

Armstrong said the following:

“Worth stating for the record, DeFi should be protected in any legislation that seeks to regulate centralized exchanges and custodians. Thanks to Debbie Stabenow and John Boozman for trying to get this right.”

Armstrong also explained the fact that he appreciates FTX CEO Sam Bankman-Fried’s efforts at sparking discussions on the matter.

“And for what it’s worth, my understanding is Sam Bankman-Fried is aligned with protecting DeFi as well, which is great.”

Bankman-Fried recently suggested that the crypto industry embrace action from regulators and to create a set of standards to follow until then.

“At a high level:

a) we need regulatory oversight and customer protection
b) we need to ensure an open, free economy, where peer-to-peer transfers, code, validators, etc. are presumptively free
c) we should establish regulation–and until then standards–to ensure (a/b)”

Here’s what Brian Armstrong says about regulation:

“Regulation by enforcement has a terrible chilling effect, and rhetoric matters – we’ve already seen a huge amount of crypto talent, asset issuers, and startups go offshore.”

Stay tuned for more news, and make sure to check out the crypto market as well.

It’s also worth noting that t a crypto strategist says the king crypto is grossly undervalued.