Policymakers may be slowly and steadily warming to the concept of cryptocurrencies and its adoption, according to Coinbase Global, Inc. (NASDAQ:COIN) co-founder and chief executive officer Brian Armstrong.
What Happened: It has become harder to meet a cryptocurrency skeptic in Washington D.C. nowadays, Armstrong said, according to Bloomberg — adding that about 50% or more people in Washington are "pro crypto" now.
Armstrong's comments came while speaking at the Milken Institute of Global Conference.
Crypto adoption is likely to increase massively from the existing 200 million to 1 billion within a decade, Armstrong said. In another 10-20 years, a majority of the GDP will happen in the cryptocurrency economy, he added.
Ark Invest's Cathie Wood, who was also part of the discussion, reportedly said she sees talent drain out of financial companies into DeFi and next-gen internet.
"So they have to take it seriously, or else they are going to be hollowed out," Wood said.
Wood, however, lamented the fact that regulatory clarity in crypto has been happening at a much slower pace than with the internet. Regulatory overhang is one of the chief reasons that is stymying crypto's progress, she added.
Related Link: Grayscale Points Out SEC's Inconsistency In Bitcoin Stop ETF Rejections
Why It's Important: The views come amid recent efforts to bring stricter oversight on the cryptocurrency industry. Treasury Secretary Janet Yellen said during a House Committee on Financial Services hearing that increased government regulation is required to oversee the proliferation of cryptos and other digital assets and to prevent fraudulent and illicit transactions.
The SEC and the Commodity Futures Trading Commission are working in unison to bring about safeguards for crypto investors.
Meanwhile, several lawmakers have been found transacting in crypto recently, underlining their positive predisposition toward digital currencies.
Sitting members of Congress have bought and sold cryptos worth $1.8 million since the beginning of 2021, GovTech reported, citing data from 2Iq Research. The amount is based on the midpoint of the dollar ranges disclosed by lawmakers.
Related Link: Crypto Regulation Should Aim To Avoid Financial System Disruption: Treasury Secretary Janet Yellen
Photo: Courtesy of Coinbase
