Coinbase CEO: Cryptocurrency legislation will bring massive influx of capital.

The co-founder and CEO of the cryptocurrency exchange Coinbase (COIN.US), Brian Armstrong, emphasized that one of the biggest obstacles that needs to be addressed in the cryptocurrency sector is clear regulation across the industry. According to Armstrong, this would provide an equal playing field for everyone and lead to a significant influx of funds into the crypto field. Regarding legislation, Armstrong stated at the Goldman Sachs Group, Inc. Communication and Technology Conference, "If the legislation passed in the U.S. is similar to that passed in Europe and elsewhere, I believe we will see a large amount of capital flowing in." He added, "The U.S. will eventually address this issue, as most other G20 countries are already moving in this direction, with most either having passed legislation or in the process of doing so, so the U.S. can't wait too long." Cryptocurrency has now also become a focus of attention for Washington politicians, as Armstrong pointed out, with some U.S. presidential candidates making cryptocurrency a core part of their agenda. Armstrong stated that any legislation would be a positive sign for the industry, similar to the growth around Bitcoin ETFs. Coinbase CFO Alesia Haas stated that in order to reduce future costs in the cryptocurrency sector, cryptocurrencies first need to be fully commoditized and adopted by all participants in the ecosystem. Haas said, "I don't think cryptocurrency is fully commoditized yet. I think unless cryptocurrencies are adopted by every bank and every fintech company in the ecosystem and then drive commoditization, we won't see compression in spreads. With commoditization, you will start to see cost compression." Coinbase's stock price has risen by 98% over the past year, but has fallen by 13% since the beginning of the year and dropped by 19.5% in the past month. On Wednesday, Bitcoin fell below $57,000 per coin, with a daily decline of 1.11%.