Coinbase CEO Brian Armstrong calls for Clarity Act

Coinbase CEO Brian Armstrong said in an interview the U.S. needs the Clarity Act, describing cryptocurrency as a faster, cheaper and more efficient form of financial service. Armstrong said the simplest way to explain crypto is as faster, cheaper and more efficient financial services, adding that the traditional financial system was built in the 1970s and in some cases still runs on outdated mainframes today. Armstrong said that is why even basic services, including weekend money transfers and low-cost cross-border remittances, do not work properly, and argued the U.S. should pass the Clarity Act to provide clear rules for the industry instead of allowing outdated systems and uncertainty to persist.