The CEO of the major American cryptocurrency exchange Coinbase, Brian Armstrong, believes that the negative position of US regulators towards cryptocurrencies only plays into the hands of China and other countries.

Writing for MarketWatch magazine, Brian Armstrong noted that turmoil is indeed happening in the cryptocurrency industry, and it could prompt US policymakers to “ban cryptocurrencies as a volatile asset class.” However, if they do so, it could cause the US to lose its status as a financial leader and center of innovation.

“It is critical to America’s technology leadership and national security that this industry (at least in part) develop in the United States. Cryptocurrencies, like the Internet before them, have the potential to modernize the financial industry and many other sectors. From supply chains to social networks. They offer a faster, cheaper, private and accessible platform,” the Coinbase CEO wrote.

Armstrong also recalled that Hong Kong positions itself as a global cryptocurrency hub, and the actions of US regulators only help it and China as a whole develop the field of blockchain and cryptocurrencies. He added that if the US falls behind in the field of cryptocurrencies, then billions of dollars will be needed to develop this industry in the country, and it may be too late.

Brian Armstrong has previously criticized the U.S. Securities and Exchange Commission (SEC) for fines and bans on cryptocurrency companies.