2 months ago
Coinbase CEO Brian Armstrong has called connected the adjacent Chair of the US Securities and Exchange Commission (SEC) to disregard the agency’s “frivolous” cases against crypto firms and publically apologize to the American people.
In an Oct. 29 post connected X, Armstrong highlighted inconsistencies successful the SEC’s attack to the crypto sector, which helium argues person resulted successful unnecessary lawsuits against companies specified arsenic Coinbase. He acknowledged that portion an apology whitethorn not reverse the damage, it could beryllium a measurement toward rebuilding nationalist spot successful the SEC.
He stated:
“It would not undue the harm done to the country, but it would commencement the process of restoring spot successful the SEC arsenic an institution.”
Conflicting SEC position
Under Gary Gensler‘s leadership, the SEC has issued conflicting statements connected captious issues, including whether integer assets suffice arsenic securities and the agency’s regulatory authorization implicit integer plus exchanges.
Armstrong pointed retired that successful 2018, the SEC stated integer assets were not securities, lone to contradict itself successful 2021 by classifying them arsenic concern contracts. By 2024, the bureau had again shifted its position, stating that integer assets are “not securities.”
The SEC has besides flip-flopped connected Bitcoin’s status. Initially deemed a non-security successful 2023, the SEC indicated uncertainty, yet reaffirming its non-security classification successful 2024.
Armstrong raised further concerns regarding the SEC’s authorization implicit crypto exchanges. In 2021, the SEC claimed nary regulatory assemblage existed for these exchanges. A twelvemonth later, however, it asserted that it held Congressional authorization to oversee integer plus exchanges.
The SEC’s stance connected securities instrumentality clarity has besides been inconsistent. Although it antecedently claimed uncertainty astir integer assets arsenic securities, the bureau argued successful 2023 that its regulatory framework, established implicit the past 90 years, was clear.
These conflicting positions person led to industry-wide disorder and amplified calls for regulatory transparency. Many successful the crypto abstraction person advocated for SEC Chair Gensler’s removal, a determination Republican statesmanlike campaigner Donald Trump has pledged to prosecute if elected.
The station Coinbase CEO urges adjacent SEC main to apologize for crypto crackdown appeared archetypal connected CryptoSlate.
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