- Brian Armstrong shared his concerns over the declining economic freedom in the United States.
- Coinbase (NASDAQ:COIN) CEO reiterated that the company’s key agenda is to increase economic freedom.
- According to a recent analysis, the US is ranked 25th in economic freedom, while Singapore is ranked first.
Brian Armstrong, the CEO of the leading crypto trading platform Coinbase, recently shared his concerns about the US’ declining economic freedom while reiterating that the exchange’s mission is “increasing economic freedom.”
On June 26, Coinbase CEO took to Twitter to share a recent report on the nation’s falling economic freedom while showcasing how much cryptocurrency weighs in increasing it.
Economic freedom remains an important measure of every country's potential for growth and prosperity. And increasing economic freedom is Coinbase's mission.The U.S. unfortunately has fallen in economic freedom rankings over the years https://t.co/G8wjLfwtoMHT @FEhrsam— Brian Armstrong (@brian_armstrong) June 26, 2023
According to recent revelations, the US shows a declining trajectory in economic freedom. Though the nation ranked 4 previously in economic freedom, currently, the US is placed at 25th rank. The American research and educational institution Heritage Foundation has placed Singapore in the first position in economic freedom, hailing the country as the “world’s freest economy.”
As per Armstrong’s statement, “Economic freedom remains an important measure of every country’s potential for growth and prosperity.” The billionaire also appreciated Singapore’s “incredible” efforts in securing the highest economic freedom, contrasting with the US’ devastating economic conditions.
Nonetheless, Armstrong pointed out a “short-sighted” move from Singapore, which he interpreted as “anti-freedom.”
One area of concern is that they’ve taken a step back on allowing retail crypto trading which I think is short-sighted and anti-freedom. This will be an area to watch on how they develop their views (and sensible regulatory frameworks) post-FTX.
Armostrong’s understanding of the concept of economic freedom includes the ease at which the members of a society are able to participate in the economy.
Incorporating a previous blog post published in 2016, Armstrong reiterated that the basic agenda of contributing to the establishment of a crypto company is the realization that digital currencies could be “the most effective way the world has ever seen to increase economic freedom.”
In a previous tweet, Armstrong warned the US of losing its status as a financial hub, addressing the inconvenient crypto regulations. He requested Congress to immediately take action to pass clear legislation on cryptocurrency to sustain its diminishing status.
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