Coinbase CEO Brian Armstrong hits back at SEC lawsuit on social media

Coinbase CEO Brian Armstrong spoke retired against the SEC’s determination to record a lawsuit against the exchange.

The SEC’s charges, filed aboriginal today, are based connected the accusation that Coinbase has been listing securities without registering with the national body. This has triggered further actions from Alabama and New Jersey, heightening the scrutiny implicit the integer plus platform.

Armstrong responded to the SEC’s charges connected Twitter, pointing retired that the SEC reviewed and permitted Coinbase to go a publicly-traded institution successful 2021, frankincense rejecting the thought that the institution was operating without oversight.

The Coinbase CEO wrote:

“Instead of publishing a wide regularisation book, the SEC has taken a regularisation by enforcement attack that is harming America”

Armstrong noted Coinbase’s attempts to registry with the SEC, highlighting the regulatory body’s deficiency of wide knowing with the Commodity Futures Trading Commission (CFTC) regarding the classification of what constitutes a crypto information oregon commodity successful the archetypal place.

“We don’t database securities”

The contention arises amid expanding confrontations successful the U.S. betwixt regulators and companies (or projects oregon protocols) operating successful the industry. The sticking constituent successful the arguments is successful the method definitions of securities and crypto assets, and whether a fiscal instrumentality not invented until the 21st Century is taxable to aboriginal 20th Century definitions oregon vocabulary.

Armstrong contends publically that Coinbase does not database securities. “We cull the immense bulk of assets we review,” helium wrote, implying that the speech relied connected interior measures for making specified judgments successful the lack of wide connection from the SEC.

These actions against Coinbase are each successful the aftermath of the SEC’s determination to sue Binance, arsenic good arsenic its CEO Changpeng Zhao connected June 5.

The station Coinbase CEO Brian Armstrong hits backmost astatine SEC suit connected societal media appeared archetypal connected CryptoSlate.