The US SEC Acts Alone in Crypto Regulatory Efforts

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Brian Armstrong, co-founder and CEO of leading US cryptocurrency exchange Coinbase, believes the US Securities and Exchange Commission (SEC) is on a lonely crusade in the push for regulatory clarity in the country, as the agencies’ position on the issue is different from that of Congress and other federal regulators.

During a Monday interview with CNBC, the CEO insisted that SEC Chairman Gary Gensler was trying to regulate the US digital asset industry from an anti-crypto perspective for some unknown reason.

A lone crusader

I think the broad consensus within the US government is that there should be a clear settlement, and that will require new legislation from Congress. The SEC is a bit of an outlier here. There’s kind of a lonely crusade, if you will, with Gary Gensler, the chairman there, and he’s taken a more anti-crypto view for some reason, the Coinbase CEO said.

Armstrong said Gensler doesn’t try to regulate the crypto industry as much as he limits it, with the number of lawsuits filed by the SEC. The Coinbase boss argued that legal battles were of no use to the industry.

Recall that the securities regulator has served several lawsuits against several crypto exchanges. Coinbase also received a Wells notice from the agency indicating potential enforcement action despite the lack of a clear cryptocurrency regulation.

Armstrong noted that the lack of clear regulations has allowed Coinbase to seek clarification from the courts, a move the exchange began last year. As CryptoPotato reported, the Third Circuit Court of Appeals recently ordered the SEC to respond to Coinbases’ regulatory petition filed nine months ago within ten days.

Coinbase is not moving overseas

Additionally, the CEO of Coinbase reiterated his stance that the exchange would not move its operations to offshore regions amid regulatory uncertainty in the United States. However, he mentioned that the company would invest in regions like the UK and EU, which have more considered approaches to crypto. .

Coinbase is not going to move overseas. We were always going to have a presence in the United States. But the US is a little behind right now. I would say we are seeing more considered approaches. For example, in the EU [European Union]they have in fact already passed comprehensive crypto legislation, Armstrong said.

Meanwhile, a previous report confirmed that Coinbase already sees the UAE as a hub for its international operations.

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