Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation

Coinbase CEO Brian Armstrong says “the much regularisation determination is for crypto, the amended it is for Coinbase.” He revealed an enquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We bash not yet cognize if this enquiry volition go a ceremonial investigation.”

Coinbase’s CEO connected Crypto Regulation

The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s show and cryptocurrency regularisation during Coinbase’s Q2 net telephone Tuesday.

Coinbase’s gross declined astir 64% successful the 2nd quarter. The institution reported a $1.1 cardinal nett loss, compared with $1.59 cardinal successful nett income successful the aforesaid 4th past year. “Q2 was a trial of durability for crypto companies and a analyzable 4th overall,” Coinbase said successful its latest missive to shareholders.

Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to spot the advancement precocious some successful the U.S. and successful countries astir the satellite toward much wide authorities for crypto. In the U.S., determination are several bills making their mode done Congress with beardown bipartisan support.”

He besides mentioned President Joe Biden’s executive order connected crypto, the EU’s Markets successful Crypto-Assets (MiCA) regulation, and “positive developments” successful Australia, the U.K., Hong Kong, Brazil, and different markets.

Armstrong opined:

It’s benignant of unusual to say, but … successful immoderate ways, the much regularisation determination is for crypto, the amended it is for Coinbase.

“We’re much than blessed to prosecute with immoderate regulators astir the satellite who volition instrumentality clip to conscionable with us. We don’t spot this arsenic a atrocious thing. On the contrary, we judge it’s the champion mode to assistance the manufacture determination forward,” helium noted.

Armstrong connected SEC’s Alleged Investigation of Coinbase

Addressing caller headlines that the U.S. Securities and Exchange Commission (SEC) whitethorn beryllium investigating Coinbase implicit its cryptocurrency listings, Armstrong revealed that successful May the SEC sent Coinbase a “voluntary petition for information,” including details of its plus listings process. He emphasized:

We bash not yet cognize if this enquiry volition go a ceremonial investigation.

Last month, the SEC charged a erstwhile Coinbase merchandise manager successful an insider trading lawsuit and stated that 9 crypto tokens listed connected Coinbase are securities. The Nasdaq-listed institution has disputed immoderate allegations that it lists crypto securities.

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