China’s introduction of the digital yuan could directly challenge the U.S. dollar, warns Armstrong
He demands a comprehensive law “that safeguards consumers and fosters innovation”
The U.S. will have to cede its position as a global leader if right action is not taken now, he says
Coinbase CEO Brian Armstrong has warned that “adversary nations” like China will overtake the U.S. if policymakers continue to enforce restrictive crypto policies.

The U.S. would also have to forfeit its “time-honored role as the global financial leader and an innovation hub” if it fails to see the bigger picture, Armstrong added, reported Cointelegraph.

In an editorial published on MarketWatch, Armstrong urged U.S. regulators not to write off cryptocurrency as an “unstable asset class” and see that it is “much more than individual transactions.”

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