Coinbase CEO Accuses SEC of Anti-Crypto Bias

Coinbase CEO Accuses SEC of Anti-Crypto Bias

Brian Armstrong, the CEO and co-founder of Coinbase, has accused the US Securities and Exchange Commission (SEC) of going on a lone crusade for regulatory clarity in the country. According to Armstrong, the stance of the SEC differs from that of Congress and other federal regulators, and he believes that SEC Chair Gary Gensler is attempting to regulate the digital asset industry with an anti-crypto bias for unknown reasons. Armstrong stated that a clear rule book is required, and it will need new legislation from Congress.

SEC Lawsuits Unhelpful for Crypto Industry, Says Coinbase CEO

Armstrong said that Gensler is curtailing the crypto industry rather than regulating it, with the number of lawsuits the SEC has filed. He believes that the legal battles are not helpful for the industry. The SEC has served multiple lawsuits against several crypto exchanges, and Coinbase received a Wells Notice from the agency indicating potential enforcement action despite the absence of a clear rule book for cryptocurrencies.

Clear Regulation Will Benefit Crypto Industry, Says Coinbase CEO

Armstrong noted that the absence of clear regulation allowed Coinbase to get clarity from the courts, a move the exchange commenced last year. The Third Circuit Court of Appeals recently ordered the SEC to respond to Coinbase’s rulemaking petition filed nine months ago within ten days. Armstrong believes that clear regulation will benefit the crypto industry.

Coinbase Will Not Relocate Overseas, Says CEO

The Coinbase CEO reiterated that the exchange would not move its operations to offshore regions amid the regulatory uncertainty in the US. However, he mentioned that the company would invest in areas like the UK and EU, which have more thoughtful approaches to crypto. Armstrong believes that the US is a little bit behind right now. In contrast, the EU has already passed comprehensive crypto legislation. Meanwhile, Coinbase is considering the UAE as a hub for its international operations.


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