Kenya, Feb. 9 -- Coinbase CEO Brian Armstrong has recently announced the need to "rethink" the platform's token listing process due to the overwhelming number of new cryptocurrencies being created weekly, approximately 1 million.
This shift is driven by the impracticality of manually evaluating each token, prompting a move from an "add list" to a "block list" approach, which would rely more on customer reviews and automated blockchain data scans.
Armstrong has been vocal about the need for clearer cryptocurrency regulations in the U.S., especially in light of the new administration under President Donald Trump.
His engagement with policymakers includes discussions on regulatory clarity, which he believes could usher in what he calls the "dawn of a new crypto era.".
The crypto market has reacted positively to Trump's re-election, with Armstrong suggesting that this could lead to more favourable legislation for cryptocurrencies.
His comments have been linked to significant market movements, including a surge in Bitcoin's value and Coinbase's stock price.
Armstrong has endorsed the idea of establishing a strategic Bitcoin reserve for the U.S. as part of a broader push for economic freedom through cryptocurrency.
This comes at a time when he's also met with Trump to discuss potential policy directions.
In a controversial move, Armstrong warned law firms against hiring former Securities and Exchange Commission (SEC) officials who were involved in what he perceived as anti-crypto activities during the previous administration, threatening to sever ties with those firms.
Armstrong's wealth increased significantly following a post-election stock pop for Coinbase, highlighting his substantial ownership in the company.
His active presence on social media platforms has been noted, where he discusses industry trends, regulatory issues, and Coinbase's strategic directions, influencing public and investor sentiment.
Published by HT Digital Content Services with permission from Bana Kenya.