• Coinbase CEO Brian Armstrong criticized the US Securities and Exchange Commission (SEC) and its Chief Gary Gensler for their approach of regulating the digital asset space by way of enforcement rather than through proactive collaboration.
• Armstrong believes this has caused “untold harm” to the country and needs regulatory clarity in the U.S. for centralized players in crypto for consumer protection, national security, economic growth etc.
• He suggested that Coinbase may have to relocate outside the U.S if there is no change to the SEC’s policy of regulation by enforcement.
Coinbase CEO Criticizes SEC
The crypto community has spared no criticism for US Securities and Exchange Commission (SEC) Chief Gary Gensler and his agency’s crackdown on crypto platforms. Coinbase CEO BrianArmstrong slammed Gensler’s actions, claiming that they have caused “untold harm” to America by opting to regulate the digital asset space by way of enforcement rather than through proactive collaboration between regulators and industry leaders.
Regulatory Clarity Needed
Armstrong wants regulatory clarity in the U.S. for centralized players in crypto for consumer protection, national security, economic growth etc., but he also warned that Coinbase might have to relocate outside of the U.S unless there is a change to his agency’s policy of regulation by enforcement.
Gensler Defends His Actions
Gary Gensler received political pushback over his agency’s actions but continued defending his crackdown on digital assets markets, saying he had never seen an industry so routinely break securities laws before taking action against them.
Members Dissent with Agency
Members within his own agency have dissented with Gensler’s actions and stance on cryptocurrency regulation as well as its potential risks associated with it – both from a legal perspective as well as from an economic one – something which Armstrong has also raised in public forums multiple times over recent months .
Court Battle Ahead?
With Coinbase preparing itself for a court battle against the SEC , it remains unclear what changes will be made or imposed on crypto exchanges operating within US borders ,and how these changes could affect their ability to operate effectively within such regulated environments .