More crypto legislation equals greater capital flows – Coinbase Global’s CEO

Brian Armstrong, Co-Founder & CEO of Coinbase Global ( NASDAQ: COIN ), highlighted that one of the greatest obstacles that needs to be addressed for the crypto universe is clear regulation for the entire industry. According to Armstrong, that would give everyone an equal landscape which in turn would then provide a huge capital influx to the crypto space. Concerning legislation, Armstrong stated: “If we get legislation passed in the US similar to how it's already been passed in Europe and other places. I think we'll see a huge inflow of capital,” speaking at the Goldman Sachs Communacopia + Technology conference. The Coinbase ( COIN ) top boss went on to add that “America is going to eventually get this right because the rest of the G20 have already moved down this path, most of them already either have legislation passed or it's currently being worked on and so America can't afford to wait too much longer.” Crypto has also now become a major focus point for political figures in Washington, and this current presidential election will be interesting for the crypto arena, as Armstrong noted that some “candidates [are] making it a core part of their platform.” The cryptocurrency exchange platform executive went on to express that any adoption in legislation will be a good sign for the industry, just as was seen with the growth of ETFs around Bitcoin ( BTC-USD ). For future costs to come down in the crypto space, Alesia Haas, CFO of Coinbase ( COIN ), said that first crypto needs to become fully commoditized and adopted by all players. “I do not yet think crypto is commoditized. I think that we will not see spread compression until you get to crypto being adopted by every bank, every FinTech in the ecosystem, and then you drive commoditization, in which case, then you'll start to see fee compression,” Haas said. Coinbase Global price action: +98.3% over a 1-year period, -12.9% year-to-date, -40.1% over the past 6-months, and -19.5% over the past 1-month. Bitcoin Backed ETFs: ( IBIT ), ( ARKB ), ( GBTC ), ( BRRR ), ( BTCO ), ( HODL ), ( BTCW ), ( FBTC ), ( BITB ), and ( EZBC ). Blockchain ETFs: ( BITQ ), ( DAPP ), ( BKCH ), ( BLOK ), ( CRPT ), and ( IBLC ). More on Bitcoin USD Bitcoin Eyeing A Deeper Reversal As ETF Outflows Continue Bitcoin's 2024 Bull Run Waiting On A 6-Week Window And The Coppock Curve Bitcoin's Long Road To Nowhere Crypto names drop, Argentine banks shine again in week's financial stocks roundup Bitcoin set to fall on weekly basis as risk-off mood continues