2 years ago
Brian Armstrong, CEO of Coinbase, the largest U.S.-based cryptocurrency exchange, explained however negotiations reached a standstill with the U.S. Securities and Exchange Commission (SEC). In a caller interrogation with the Wall Street Journal, Armstrong elaborate the changes successful however the SEC approached securities regularisation and however the speech has tried to enactment with regulators since time one.
Coinbase CEO Brian Armstrong connected SEC Enforcement Actions: ‘Something Shifted About a Year Ago’
Brian Armstrong, the CEO of Coinbase, 1 of the largest U.S.-based cryptocurrency exchanges, explained the company’s travel earlier reaching a standstill successful negotiations with the U.S. Securities and Exchange Commission (SEC).
In a caller interview with the Wall Street Journal (WSJ), Armstrong elaborate the changes successful the stance of the SEC regarding cryptocurrency enforcement and however the speech yet came to look the authorities successful court.
According to Armstrong, earlier the speech was listed connected Nasdaq successful April 2021, the SEC reviewed its concern exemplary and greenlighted its application. Armstrong declared:
We spell backmost to 2021, we wanted to go a nationalist company, we described everything astir our business, the assets that we database connected our platform, however we bash staking. The SEC astatine that constituent allowed america to go a nationalist company.
However, things started to change. One of the archetypal actions that Coinbase executed owed to regulator feedback was the delisting of xrp from the exchange. Armstrong stated that, portion the tribunal lawsuit against Ripple is inactive pending, they wanted to collaborate with regulators and enactment with them.
About a twelvemonth ago, “a wholly antithetic code started to happen,” per Armstrong’s statements. He told the WSJ that:
We benignant of got this accusation from the SEC that, good really everything different than Bitcoin is simply a security. And we benignant of said to ourselves well, that’s not our knowing of the law.
Possible Consequences of the SEC’s Actions
Armstrong commented that the institution tried to enactment with the SEC, having much than 30 meetings with the enactment during the past 12 months. While the SEC asked Coinbase “every question nether the sun,” the speech did not get regulatory clarity astir however it could operate.
Armstrong stressed that the SEC’s strict and rigid posture is down the existent legal actions against the exchange, which Armstrong and galore others judge are making crypto companies permission the U.S. On this, helium stated:
The lone benignant of high-level statements they’ve made is that everything different than bitcoin is simply a security, which that’s not what it says successful the law. That would besides benignant of mean the extremity of the crypto manufacture successful the U.S.
What bash you deliberation astir the statements of Coinbase’s CEO? Tell america successful the remark conception below.
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