The crypto industry can now move forward after a number of scandals, culminating in the recent $4 billion settlement between the U.S. government and Binance, in which founder and CEO Changpeng Zhao resigned and pleaded guilty to charges of money laundering violations, Coinbase CEO Brian Armstrong told CNBC.

“The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of history,” he said. “There are many crypto companies that are helping build the crypto economy and change our financial system globally. But many of them are still small startups.”

He added, “I think that regulatory clarity is going to help bring in more investment, especially from institutions."

Armstrong also confronted the arguments that crypto can be used for fraud, money laundering and terrorist financing. “It’s true that there have been some small amount of illicit activity in crypto but it’s actually less than 1 percent from what we’ve seen,’ he said. “If you look at illicit uses of cash it’s oftentimes more than that.”

He conceded that there have been “bad actors” in the space, such as the collapsed crypto exchange FTX and its founder, Sam Bankman-Fried, who was recently convicted of fraud.

Armstong’s company faces its own legal challenges. In June, the Securities and Exchange Commission (SEC) charged it with operating its crypto asset trading platform as an unregistered national securities exchange, broker and clearing agency.

Armstrong told CNBC that he feels very good about Coinbase’s chances fighting the lawsuit, and disputed the idea that the SEC’s actions have forced the company to move offshore, saying that that the company is still investing actively in its home market.