A Coinbase executive said the United States is lagging behind other major countries in introducing clearer regulations for cryptocurrencies.
Faryal Shirzad, chief policy officer of the top U.S. cryptocurrency exchange, says in a new interview with Yahoo Finance that the majority of G20 countries support the crypto industry to thrive. “We are far ahead of the United States in this respect,” he said.
G20 countries account for approximately 85% of the world's gross domestic product and approximately 75% of international trade.
Shirzad says.
“Unfortunately, the United States is an outlier. Most of the G20 countries, over 80% of the G20 countries and major market economies are moving fairly aggressively towards introducing fairly clear regulatory frameworks for cryptocurrencies.
That means most financial centers and most major economies, the EU, the UK, Hong Kong, Australia, Singapore, Brazil, and now Canada. Therefore, other countries around the world are embracing tokenization, integrating it into their financial systems, and adopting tokenization with a view to serving the interests of consumers.
And in the United States, we're on a slightly slower trajectory. And I think that's our big headline message: The United States really needs to work on both regulating stablecoins and regulating the broader market structure. And I think it will allow American industry to grow and develop and give consumers the protection they deserve. ”
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