- Coinbase CEO Brian Armstrong spent the day in Washington D.C. discussing cryptocurrency regulation with members of Congress.
- Armstrong emphasised that the US wants regulatory readability for centralized gamers within the cryptocurrency trade.
- Armstrong expressed frustration with the SEC’s enforcement coverage and lack of early suggestions.
Coinbase CEO Brian Armstrong on April twenty first. introduced on Twitter that he’s spending the day in Washington DC discussing cryptocurrency regulation with members of Congress.
Armstrong emphasised the necessity for readability in the USA concerning centralized gamers within the cryptocurrency trade for quite a lot of causes, together with shopper safety, nationwide safety and financial progress. Moreover, he added,
The SEC has finished untold harm to America by way of its regulatory insurance policies. We’ll struggle to repair it.
Final month, Coinbase acquired a Wells discover from regulators indicating that they intend to take enforcement motion towards the trade for attainable violations of US securities legal guidelines.
Nonetheless, in a latest interview with CNBC, Armstrong acknowledged that Coinbase had not been notified of any points previous to receiving the Wells report. He defined that regardless of holding round 30 conferences with regulators over the previous yr, that they had acquired no suggestions on enhance or do issues otherwise. Armstrong expressed his frustration on the state of affairs, stressing that receiving Wells’ message with out first mentioning the issue was unlucky.
Moreover, Armstrong believes the SEC failed in its responsibility to set clear market requirements. Subsequently, he believes that in an effort to receive the required readability, it’s essential to discuss with the courtroom’s resolution.
He additionally says that the regulator’s job is to promulgate clear guidelines, guarantee market security and promote trade progress. However Coinbase’s CEO believes the SEC has abdicated its duty by failing to offer clear steering to the trade. Subsequently, he believes that searching for readability by way of a courtroom resolution has grow to be the one viable possibility.
