A Coinbase executive says the United States is lagging behind other major nations when it comes to adopting clearer regulations on cryptocurrencies.
In a new interview with Yahoo Finance, Faryar Shirzad, chief policy officer for the top US crypto exchange, says the majority of the Group of Twenty (G20) members are way ahead of the United States in helping the crypto industry flourish.
The G20 countries account for around 85% of the world’s gross domestic product and 75% of international trade.
Says Shirzad,
“Unfortunately, the US has been an outlier. Most of the G20, 80-plus percent of the G20 and major market economies are moving pretty aggressively towards adopting pretty clear regulatory frameworks around crypto.
So most of the financial centers and most of the major economies, the EU, UK, Hong Kong, Australia, Singapore, Brazil and now Canada. So the rest of the world has accepted and is adopting tokenization, integrating it into the financial system, very much with a view towards serving the interests of the consumer.
And in the US we’re in a bit of a slower track. And I think that’s really what our big headline message is, that the US really needs to get going both on stablecoin regulation as well as the regulation of the broader market structure. And I think that will allow the industry in the US to grow and develop and for consumers to get the protections they deserve.”
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