(MT Newswires) -- Coinbase CEO Brian Armstrong is leading an "Update the System" event to discuss with policymakers, including members of Congress, the various crypto-currency use cases that are on the rise. Armstrong refutes the idea that crypto-currency has no concrete use cases, saying it represents a new form of hard currency and digitises the dollar, making payments faster, cheaper and international.

He explains that Bitcoin ETFs have had a positive impact on Coinbase, with the company acting as custodian for the majority of the assets in these ETFs. This has generated revenue opportunities for Coinbase without impinging on its direct products. He also cites a $12 billion inflow of capital into ETFs.

Armstrong envisions Coinbase not only as an exchange for crypto-currencies, but also as a platform where users can trade, use and store crypto-currencies. He aspires for Coinbase to become the primary financial account for users in the new crypto-currency economy, acting as a kind of "crypto bank", while avoiding the fractional reserve model of traditional banks.

Armstrong acknowledges that Coinbase has experienced an increase in traffic that has exceeded their expectations, highlighting the need for further investment in their infrastructure to cope with growing demand.

On the issue of Ethereum ETFs, Armstrong believes that their approval should be immediate and that any delay would be unjustified, possibly even requiring legal intervention to force regulators to comply with the law. 

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