Coinbase: Embracing Crypto Could Determine Future of U.S. National Security
Amid heightened regulatory uncertainty and anti-crypto sentiment in the United States, a leading US-based cryptocurrency exchange, Coinbase, has linked crypto to national security.
The firm noted in a lengthy blog post that the US must embrace crypto to facilitate national security.
The May 30 article discussed the impact of embracing new technologies on security and world leadership.
Coinbase also highlighted US history with wars and economic development and how innovation and technology helped place it at the peak of world leadership.
According to Coinbase, the United States seems to have lost the drive it had after World War II when it tried various technologies in an attempt to remain the world power.
While the US was at the forefront of the technological revolution, it ceded its leadership position to other countries, like Japan, Taiwan, and Korea.
These countries became world leaders in chip manufacturing, an essential material in computer, defense, internet, gaming, and blockchain technology.
Coinbase claimed that centralizing the production of such essential goods in one region is a geopolitical risk.
Further in its post, the crypto exchange highlighted the risk of counterfeit electronic chips, which include the introduction of malware and harmful substances that could cause data theft.
Coinbase also said that given the importance of electronic devices in daily life and military technologies, an inability to manufacture advanced chips could render the US vulnerable to external attacks.
So, after a long period of indecisiveness, the US took action in 2022. The CHIPS Act came to be with the White House and bipartisan congressional support.
This move provides $52 billion to fund advanced semiconductor development and
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