Coinbase CEO Brian Armstrong Urges Next SEC Chair to Apologize to Americans for Actions He Believes Have Negatively Impacted the Cryptocurrency Industry

On Oct. 29, Armstrong released a compilation of the SEC's statements over recent years, pointing out what he views as contradictions and inconsistencies in handling cryptocurrency matters.

Coinbase CEO Urges Next SEC Chair to Apologize for Actions Impacting Crypto Industry

Coinbase CEO Brian Armstrong recently called for the next chair of the United States Securities and Exchange Commission (SEC) to apologize to Americans for actions he believes have negatively impacted the cryptocurrency industry.

On Oct. 29, Armstrong shared a compilation of the SEC’s statements over recent years, highlighting what he views as contradictions and inconsistencies in handling cryptocurrency matters.

Armstrong pointed out the agency’s varying positions on issues like the status of digital assets such as Bitcoin, the agency’s authority to regulate cryptocurrency exchanges, and the clarity of existing laws, which have created uncertainty in the crypto sector.

An apology and the withdrawal of certain legal actions against the crypto industry could begin to repair public trust in the agency, Armstrong suggested.

The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.

It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.

pic.twitter.com/kWVx73vYMs

— Brian Armstrong (@brian_armstrong) October 29, 2024

Armstrong’s Endorsement of Pro-Crypto Senate Candidates

Armstrong has thrown his support behind several Senate candidates who favor cryptocurrency in the lead-up to the U.S. elections. His endorsements include David McCormick, former CEO of Bridgewater Associates, and John Deaton, an attorney linked with the pro-XRP movement.

On October 20, Armstrong said on social media platform X that McCormick is “the better candidate on crypto” for Pennsylvania voters. In another post, he voiced support for Deaton, who is running against Elizabeth Warren in Massachusetts.

Agreed – Massachusetts residents should vote for @JohnEDeaton1

Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America. Luckily they did not succeed as we and others… https://t.co/uLcBzIXyTV

— Brian Armstrong (@brian_armstrong) October 21, 2024

Armstrong claimed that Warren played a significant role in securing Gary Gensler’s appointment as the commission’s Chair, alleging she encouraged him to oppose the crypto industry in the United States. Despite his Senate endorsements, Armstrong has yet to back a presidential candidate publicly.

Speculation on SEC Leadership Under a Trump Administration

There is growing interest in how the agency might be managed if former President Donald Trump is re-elected. On July 27, Trump said that, if given the chance, he would fire Gensler on his first day in office and replace him with someone who supports technological growth in the country.

Discussions around potential candidates include former SEC Commissioner Dan Gallagher, who currently serves as Chief Legal Officer at Robinhood and is considered by some to be a natural fit for the role. Gallagher was an SEC commissioner from 2011 to 2015 and joined Robinhood in 2020.

Other names mentioned by former SEC officials include Robert Stebbins, who served as the agency’s General Counsel, current SEC Commissioner Hester Peirce, and Chris Giancarlo, a former chair of the Commodity Futures Trading Commission. These individuals are seen as candidates who could bring a different regulatory approach to the agency’s future.

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