In a recent conversation with CNBC’s Joumanna Bercetche, Coinbase (NASDAQ:) CEO Brian Armstrong discussed the significance of the U.S. Department of Justice’s settlement with Binance. Armstrong points to this development as a pivotal moment for the crypto industry, suggesting it could mark the beginning of a new era with a cleaner reputation. He emphasized that this agreement is an opportunity for the industry to overcome its scandalous history.
Armstrong also addressed common misconceptions about using cryptocurrencies for illegal activities. He highlighted the fact that illegal transactions in the cryptocurrency space account for less than 1% of total activity, which is significantly lower than the proportion of illegal transactions carried out in cash. This comparison serves to counter the narrative that cryptocurrencies are mainly used for illegal purposes.
The Coinbase CEO’s comments come at a time when the industry is under intense scrutiny, with regulators and the public calling for greater transparency and accountability. Armstrong’s optimistic outlook on the Binance settlement reflects broader hopes in the crypto community for a more regulated and respected market in the future.
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