A Coinbase executive says the United States is lagging behind other major countries when it comes to adopting clearer regulations on cryptocurrencies.
In a new interview with Yahoo Finance, Faryar Shirzad, chief policy officer at the largest US cryptocurrency exchange, said that the majority of Group of 20 (G20) members are well ahead of the US in helping the cryptocurrency industry thrive.
The G20 countries represent about 85% of global GDP and 75% of international trade.
Shirzad says,
“Unfortunately, the US has been an outlier. Most G20 countries, more than 80% of the G20 and major market economies, are moving very aggressively towards adopting very clear regulatory frameworks around cryptocurrencies.
So most of the financial centers and most of the major economies, the EU, the UK, Hong Kong, Australia, Singapore, Brazil and now Canada. Therefore, the rest of the world accepted and adopted the tokenization process, and integrated it into the financial system, with the aim of serving the interests of the consumer.
In the United States, we are on a slightly slower path. And I think that's really what our big key message is, which is that the United States really needs to start regulating stablecoins as well as regulating the broader market structure. I believe this will allow the industry in the United States to grow and develop and will allow consumers to get the protection they deserve.
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