Armstrong: “We Are Developing a New System Instead of Stablecoins”

Coinbase CEO Brian Armstrong shared his views on the future of crypto money and stablecoins in an interview. Armstrong said that crypto is the most important technology to update the financial system and stablecoins are an important starting point for achieving this vision.

Also, the CEO of Coinbase talked about flat coins, a new type of stablecoin that depends on a currency’s purchasing power or inflation rate. Armstrong said flat coins are still in the early stages of development and Coinbase is interested in exploring them. Armstrong did not say what stage of development these new stablecoins are in.

Armstrong also addressed the regulatory challenges Coinbase and other crypto companies face in the US, saying that the Securities and Exchange Commission (SEC) has been vague and hostile towards crypto innovation, and Coinbase has sought to engage with them in various ways.

Armstrong noted that one possible possibility is for the Commodity Futures Trading Commission (CFTC) to step in and gain more authority regarding crypto regulation. The CEO also added that there is a chance of a new SEC chairman being appointed in 2024 or later who could be more supportive of crypto.