Coinbase CEO Brian Armstrong Slams SEC Chair Gary Gensler, Demands an Apology and Withdrawal of 'Frivolous' Cases

Coinbase chief executive Brian Armstrong publicly went on to criticize the US Securities and Exchange Commission, declaring its stance on cryptocurrency “confusing and inconsistent”.

Coinbase CEO Brian Armstrong slammed the US Securities and Exchange Commission (SEC) for its “confusing and contradictory” stance on cryptocurrency regulation.

Armstrong highlighted the issue of regulatory uncertainty looming over the crypto sector, which he said is stifling innovation and investor trust. His criticism reflects growing industry frustration over the ambiguous restrictions that are limiting the full potential of the crypto space.

Coinbase is currently facing a massive lawsuit filed by the SEC, which alleges that the crypto exchange violated securities laws by offering crypto trading services without being properly registered. In response, Coinbase filed an amicus brief arguing that the SEC is targeting crypto companies for violating unclear or non-existent regulations.

Coinbase Chief Legal Officer Paul Grewal pointed out the困境 faced by businesses, saying that the SEC “claims existing rules work for digital assets, yet does not guide when they apply or how compliance can be achieved.” This vagueness has left the crypto industry confused and operating without clear-cut guidelines, which Armstrong claims ultimately harms American innovation.

Coinbase is notably not backing down from the SEC, unlike most other companies that typically choose to comply with the regulator’s demands. Instead, Coinbase is choosing to fight the SEC in court, which could set a major precedent for the crypto industry.

This development comes amid increasing political attention on cryptocurrency regulation. Former President Donald Trump recently promised at a Bitcoin convention that, if re-elected, he would fire SEC Chair Gary Gensler and take a new approach to crypto oversight. Since taking office, Gensler has initiated several enforcement actions against major exchanges like Coinbase and Binance, which sparked widespread calls for regulatory reform.

The crypto community’s increasing demand for clear regulations highlights a need for stability to foster innovation. Armstrong’s message, echoing a broader industry sentiment, suggests that without clearer guidelines, the US risks stalling the growth and investment opportunities that digital assets offer.

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