Brian Armstrong – founder and current head of US-based crypto exchange heavyweight Coinbase – reportedly hoped that US officials will have a second thoughts about their “ridiculous” mindset towards Libra, now that a similar project by China appeared. 

As stated via a post on Twitter, Armstrong shared his belief towards the matter, claiming that the reaction generated from the US government is as if they want to be surpassed by other nations. 

He further expressed his worries regarding the possibility of the US to be obsolete, given how technological innovations within the country is being heavily obstructed. 

“The way for countries to remain relevant over 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 needs to do no harm.”

Armstrong reinforced his point by saying that while “innovation often looks counter-intuitive and disruptive,” the most appropriate step to begins is to perhaps “stay out of the way.”

He also pointed out that the authorities are vulnerable to the manipulations coming from some particular interest group, which can “play on fears and try to block innovation here.”

Coincides with the remarks made by Armstrong, payment processor PayPal has reportedly pulled out of Libra, with the underlying factors are reported said to be worries regarding the potential regulatory problems could occur.