• Coinbase CEO Brian Armstrong believes the US SEC is taking a different stance on crypto regulation from other regulators.
• He believes that SEC Chair Gary Gensler has taken an anti-crypto view for some unknown reason.
• The SEC has filed multiple lawsuits against crypto exchanges, which Armstrong considers unhelpful for the industry.
Coinbase CEO Expresses Disagreement with SEC Stance
The Coinbase co-founder and CEO, Brian Armstrong, believes that the U.S. Securities and Exchange Commission (SEC) is acting alone in its push for regulatory clarity in the country. During a Monday interview with CNBC, he expressed disagreement with Chairman Gary Gensler’s approach to regulating the American digital asset industry from an anti-crypto perspective.
SEC Taking Different Approach than Other Regulators
Armstrong argued that Gensler’s actions are not attempts to regulate as much as they are curtailing cryptocurrencies and blockchain-based assets. He also stated that this lone crusade of Gensler is different from other federal regulators who have a broad consensus viewpoint that there should be a clear rule book to govern these assets, requiring new legislation from Congress. Furthermore, Coinbase itself received a Wells Notice from the agency earlier this year for allegedly failing to register its securities properly between 2013 and 2016.
The Coinbase CEO also criticized the SEC’s numerous lawsuits against cryptocurrency exchanges as being unhelpful towards the development of the industry as a whole. On top of all this, he noted that many states have passed or introduced their own laws related to cryptos lately in order to fill any gaps left by federal regulations or lack thereof.
Congress Needs To Act
Brian Armstrong asserted that Congress needs to act soon if it wants to provide clear rules for digital asset markets within America and keep up with international trends in terms of regulation of these products and services within their jurisdictions; otherwise American firms may end up at competitive disadvantage compared to their foreign counterparts due to lack of clarity regarding taxation and legal status of crypto investments and businesses operating within US borders .
In conclusion, despite disagreement among U.S.-based regulators about how best to approach crypto regulation, many believe Congress must create clear rules soon so as not place American firms at a competitive disadvantage compared with those located outside of US borders when it comes offering digital asset products and services within their jurisdiction given existing legal uncertainty surrounding them domestically today .