Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase, tweeted October 5 that he expects the US government to respond to China's stablecoin project by reassessing its "ridiculous" response to Facebooks Libra digital currency.
The US government wants to be left behind
In his tweet, Armstrong said he believes that "the way the US government reacted is as if they almost want to be left." He also expressed general concerns about the United States possibly becoming obsolete due to innovation barriers in a subsequent tweet :
"The way for countries to be relevant in the long term and continue to have high economic growth is to invest in science, technology and innovation. If the government can help here, even better. But first it doesn't have to do any harm. "
Special interest groups block innovation
Armstrong also explained that" innovation often looks counter-intuitive and disruptive, "but" The best first step is often just to stay out of the way. "He also noted that governments are often influenced by special interest groups that" will play on fear and try to block innovation here. "
As if to sound Armstrong's attitude , payment processor PayPal recently left the Libra Association, reportedly for concerns about potentially excessive regulatory scrutiny that may follow.  At the same time, contrary to previous statements, China's central bank has said that there is no specific launch date in mind for the digital currency.
Still, as Cointelegraph reported on September 27, the Chinese Fintech Theme Index has risen above 50% in 2019, better than the broader market after the Chinese national digital currency was announced.