Coinbase CEO Brian Armstrong touched on Binance Smart Chain (BSC), an advanced blockchain for running smart contracts, during his participation on The Pomp Podcast hosted by Anthony Pompliano. He said that Binance’s Blockchain found BSC centralized and dangerous. According to Armstrong, regulators can further strengthen Coinbase…
According to Brian Armstrong, BSC is a highly centralized blockchain
The CEO of Coinbase roughly addressed the use cases of decentralization and governance tokens. Their first statement was:
In this case, 50% or more of the governance tokens appear to be controlled by a single company – Binance. And even in the name.
Armstrong went on to say that such centralized blockchains are “pretty dangerous”:
I think it would be a bad thing for the majority of these activities to start building more centralized Blockchains. I actually think it’s pretty dangerous. So, hopefully we will build decentralized but also scalable Blockchain projects.
Brian Armstrong, a Bitcoin whale
Armstrong revealed that he holds “a ton” of the oldest cryptocurrency, despite being criticized for being too altcoin-centric from the Bitcoin community. He added that it would take forever to compare the king of crypto to gold. However, Armstrong took a stance against the crypto-tribalism of social media:
I’m always a little disappointed when I see all the tribalism going on the internet. Twitter was created for some kind of conflict and war, and I don’t really think it represents what the majority of the industry feels.
Meanwhile, Armstrong said that Coinbase is blockchain-independent and tries to add support to as many projects as possible as long as they are legal in a particular jurisdiction.
Coinbase could benefit from regulations
Armstrong stated that global regulations would actually be beneficial for Coinbase, but hurting smaller startups:
Honestly, regulation would have been the best thing that could have happened to Coinbase because we are the biggest company… We have a huge balance sheet, we have tons of lawyers on staff… The companies it hurts are smaller crypto startups. This will strengthen companies.
cryptocoin.com The Lymph product of the Coinbase exchange, which we have transferred as , was shelved after being sued by the SEC. Armstrong predicts there will be more enforcement action until legal precedent is established. According to the Coinbase president, the founders and their attorneys are trying to “peck” what the decades-old Howey test has meant for their project.
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