Coinbase CEO Brian Armstrong has urged United States citizens to take action and email their representatives to vote “yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21), which may provide regulatory clarity for crypto.
On July 26, lawmakers voted in favor of FIT21 and the Blockchain Regulatory Certainty Act. The bills are expected to deliver clarity for crypto firms, including setting the differences in jurisdiction between securities and commodities regulators in the country.
In a tweet, Armstrong said that as the voting will continue the next day, Americans have the ability to urge their representatives to vote “yes” to FIT21. According to the Coinbase CEO, the bill would still evolve during the legislative process. However, the Coinbase CEO believes that this is a vote that would protect Americans’ digital assets, innovation and national security.
Important action you can take to protect the value of your crypto in America:
Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto. They will continue tomorrow. The bill will evolve during the…
— Brian Armstrong ️ (@brian_armstrong) July 27, 2023
Furthermore, Coinbase said that apart from protecting consumers and strengthening national security, it also has the potential to “promote job opportunities” in the country. This suggests that U.S.-based crypto companies looking at other jurisdictions may decide to keep their businesses within the country and continue to employ local talent.
Earlier this year, various crypto companies decided to test out different areas of the world that may be a good fit amid the regulatory uncertainty in the US. On May 8, Armstrong visited the United Arab Emirates to test its potential as a strategic hub for Coinbase. On May 26, crypto exchange Gemini picked Ireland as a headquarters for its European operations amid what industry observers dubbed as a “war on crypto” happening in the US.
Despite the difficulties in the US, Coinbase continued its efforts to engage with U.S. regulators throughout the year. On Feb 13, the Coinbase CEO invited regulators to chat about crypto and get ice cream in Washington D.C. On July 19, Armstrong reportedly met with members of Congress behind closed doors to discuss digital asset legislation.