The ongoing war on crypto by U.S. regulators could do lasting damage to the country’s financial system, according to Coinbase CEO Brian Armstrong.

Brian Armstrong aired his views on the current state of the crypto industry in the United States in an op-ed with CNBC on March 1.

The industry executive is among many that are not happy with the regulatory crackdown and targeting of crypto firms. The Securities and Exchange Commission (SEC) has been leading the charge with its recent enforcement actions.

He pointed out that the American banking and financial system is antiquated, having gone unchanged for the past 40 years. Armstrong acknowledged the position of the U.S. dollar as the world’s reserve currency but cautioned it “has never been under more pressure.”

(By Martin Young)

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