Coinbase Global Inc. (NASDAQ:COIN) Chief Policy Officer Faryar Shirzad on Monday urged U.S. lawmakers to advance the CLARITY Act, arguing that the legislation is critical to ensure America, not China, leads the next generation of global financial infrastructure.

Opportunity Is To Make Sure It’s The U.S.

Speaking in a Fox Business interview, Shirzad said Coinbase is preparing for future cybersecurity risks, including quantum computing, while banks are increasingly embracing crypto and stablecoin technology.  

Shirzad described digital assets as the foundation of a new financial system that could transform how value moves across the internet.

“Crypto fundamentally is a technology that allows people to transfer value, whether money or financial instruments, as easily as they transfer a text or an email,” he said.  

Shirzad believes next-gen global financial system is already being built using blockchain technology, and the U.S. faces a strategic choice over whether to lead that transition.

“The country that invests most in this technology is China,” Shirzad said. “The opportunity is to make sure it’s the U.S.”

While Senate Majority Leader John Thune has expressed skepticism that the bill can clear Congress before the August recess, Shirzad said Coinbase remains hopeful lawmakers can still reach agreement.

Coinbase Preparing For Quantum Threats

Shirzad said financial institutions are moving rapidly to integrate stablecoins and blockchain infrastructure into their businesses.

Coinbase is already working with several leading banks as they incorporate crypto technology into their operations, he said.

Shirzad also addressed the long-term security risks posed by quantum computing.

They have established an independent advisory board made up of leading cryptographers to ensure the exchange stays ahead of potential quantum threats.

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