'Crypto isn’t going anywhere.' Axios spoke with the co-founder and CEO of Coinbase — the largest crypto exchange in the U.S. — as the industry writhes under the weight of FTX's collapse. Here's what he said.
Axios spoke with Armstrong about FTX, what he wants Congress to do and his company's future. The following transcript has been edited for length.No, not existential. It basically has a black eye because it’s attracted its unfair share of scammer[s] and fraudulent people over the years. Some of it was just bad management if you look at something likeBut that’s not representative of the entire industry, and crypto isn’t going anywhere.
I went to an a16z [Andreessen Horowitz] Crypto conference a few weeks ago and there were around 100 companies in the audience that were all working hard — legitimate — but they don’t get the headlines. The CFTC and SEC have the tools they need to regulate their respective areas of crypto, but what they don’t have is clear agreement on which crypto assets are commodities and which are securities. There’s been a missed opportunity to come together to publish that clarity and protect U.S. citizens. Since that hasn’t happened, I think we’re going to have to see Congress pass new legislation that forces clarity so those two regulators stop having a turf battle.
He was very active in D.C. In some ways he drove some parts of the conversation forward, but ultimately didn’t add very much to the discussion given the fraud that all blew up.No. We’ll be sitting here two decades from now and people will still be trading a lot of crypto through centralized exchanges. But decentralized exchanges and self-custodial wallets will also grow, and Coinbase is participating in both of those areas as well.
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