U.S. Must Embrace Crypto Or Risk Being Left Behind: Coinbase CEO

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

U.S. Must Embrace Crypto Or Risk Being Left Behind: Coinbase CEO
Photo provided by Milken Institute

The U.S. is at risk of being left behind by the world of cryptocurrencies as other countries more quickly embrace digital assets, Coinbase co-founder and CEO Brian Armstrong said Monday.

Speaking at the Milken Institute Global Conference in Beverly Hills, Armstrong noted that China began working on a digital currency back in 2014. But as seen with its tight grip on the nation’s internet, the Chinese government has looked to deploy crypto as a means of control, he added—making it all the more important that democracies allow crypto to flourish freely.


“In the free world, this technology needs to be embraced,” Armstrong said. “It can be regulated to make it safe and trusted. But the democracies in the free world need to embrace this to have some kind of an answer to other countries trying to lock it down.”

The U.S. government’s slow pace in deciding how to regulate crypto was a major theme during Armstrong’s panel with Cathie Wood, the founder and CEO of asset management firm ARK Invest, and Michael Piwowar, executive director of Milken’s Center for Financial Markets. Wood said she “expected more clarity” from regulators by now; the only thing made clear from the federal government so far, she noted, is that cryptocurrencies like Bitcoin are not securities.

“We want our country to do the right thing from a regulatory point of view,” she said. “We enjoyed incredible benefits from the birthing of the internet here. This is just the next generation of the internet, so let's get with the program.”

Investment in the crypto and blockchain space skyrocketed last year to more than $30 billion, up from $5.4 billion in 2020, according to the consultancy KPMG. Myriad sectors have recently delved into crypto, from automakers to entertainment companies. But there’s still plenty of skepticism about the industry—from issues around the environmental cost of mining tokens to concerns about the criminal use of cryptocurrencies.

Although the U.S. has moved slowly, Armstrong said there are signs for optimism. He noted President Joe Biden recently signed an executive order directing federal agencies to come up with a plan to regulate cryptocurrencies. And when Armstrong—who heads one of the largest crypto exchange platforms in the world—heads to Capitol Hill, he’s seeing more “pro-crypto” lawmakers on both sides of the aisle, he said.

“It's actually getting harder and harder to meet a true crypto skeptic in D.C.,” Armstrong said.

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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AmazeVR Wants You To Attend K-Pop Concerts Virtually

Kristin Snyder

Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

AmazeVR Wants You To Attend K-Pop Concerts Virtually
Photo courtesy of AmazeVR

Virtual reality startup AmazeVR now has $17 million to further expand its VR concert experience.

The West Hollywood-based company’s latest funding amounts to a bet that virtual shows, a staple of the pandemic, are here to stay. Mirae Asset Capital led the Series B funding round, with Mirae Asset Financial Group subsidiary (Mirae Asset Venture Investment), CJ Investment, Smilegate Investment, GS Futures and LG Technology Ventures investing again. Mobile game maker Krafton joined the group—but South Korean entertainment company CJ ENM’s stake reveals AmazeVR’s plans to expand into K-pop world.

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