May 23, 2024
Latest Cryptocurrency News

Coinbase CEO Brian Armstrong Voices Concerns Over SEC’s Anti-Crypto Sentiment 

Brian Armstrong, the CEO of Coinbase, has once again criticized Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), over the regulator’s approach towards cryptocurrencies. However, Armstrong has confirmed that the exchange has no plans to leave the US despite facing regulatory uncertainty. 

The past year has been difficult for the crypto industry, with major companies such as FTX and Terra collapsing, prices plummeting, and investors losing billions of dollars. Coinbase has faced intense regulatory scrutiny in the US, including a Wells Notice from the SEC earlier this year. 

Coinbase and other cryptocurrency firms are in disagreement with the regulator over the alleged sale of unregistered securities to investors. While Coinbase disputes these allegations, Armstrong has voiced his concerns about the SEC’s approach to cryptocurrencies. 

In a recent interview with CNBC’s Dan Murphy in Dubai, Armstrong stated that the SEC’s stance is unusual and suggested that Gensler’s anti-crypto sentiment may be the root of the problem. He added that the lawsuits created by the SEC’s actions are unhelpful for the entire US crypto industry, but they do present an opportunity for Coinbase to seek clarity from the courts, which could ultimately benefit the industry and the country as a whole. 

The SEC has declined to comment on the developments at Coinbase. Meanwhile, Armstrong has retracted his earlier suggestion that the company may have to move its headquarters overseas, stating that Coinbase will always maintain a US presence. 

However, Armstrong did note that the US is currently lagging behind other regions when it comes to thoughtful approaches to cryptocurrency legislation. He pointed to the European Union’s comprehensive crypto legislation and the UK’s welcoming attitude towards the industry, which has made it a hub for Coinbase’s operations in that region. 

During a fintech conference in London last April, Armstrong hinted at the possibility of relocating the company outside the US if regulatory challenges persist. While acknowledging the potential of the US market in the cryptocurrency space, Armstrong expressed concern over the lack of regulatory clarity. 

Despite this uncertainty, Armstrong revealed on Monday that Coinbase is exploring the possibility of increasing its international investments. He expressed particular interest in the United Arab Emirates (UAE), which has proven to be a favorable regulatory environment for the crypto industry. Binance and Kraken have already established a presence in Dubai. 

During his first visit to the UAE, Armstrong emphasized the importance of learning, listening, and meeting with regulators in both Abu Dhabi and Dubai to determine whether it is a viable location for Coinbase to serve a large region of the world. 

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