Coinbase CEO says US Response to Facebook’s Libra Is ‘Ridiculous’

US Response to Facebook Libra

CEO of major crypto exchange Coinbase, Brian Armstrong, via Twitter on October 5 said he expects the United States government to react to China’s stablecoin project by reconsidering its “ridiculous” response to Facebook’s Libra digital currency.

In his tweet, Armstrong said that “the way the U.S. government reacted it’s like they almost want to be left behind.” He further tweeted:

“The way for countries to remain relevant over the long term and continue to have high economic growth is to invest in science, technology, and innovation. If the government can help here, even better. But first it needs to do no harm.”

Armstrong explained that “innovation often looks counter-intuitive and disruptive,” but “the best first step is often just to stay out of the way.” He went on t say that governments are often influenced by special interest groups which “will play on fears and try to block innovation here.”

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