3 months ago 1 min read

Coinbase CEO Requested Clear Regulations From US Crypto Lawmakers

briam armstrong-coinbase-cryptocurrent

Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, reiterated calls for cryptocurrency users to pick pro-crypto politicians during a Twitter live chat on Thursday after the United States Securities and Exchange Commission (SEC) issued a warning.

As shown by Armstrong, recent SEC actions are endangering the country's financial leadership.

Coinbase will strive to create a political force out of the roughly 50 million US citizens who use cryptocurrencies, based to Armstrong. The comments were made just one day after the SEC sent the cryptocurrency exchange a Preliminary notice regarding its staking services, Coinbase Earn and Coinbase Wallet, hinting at potential future enforcement action.

As seen by Armstrong, the United States falls behind countries like the United Kingdom, Brazil, and Singapore in areas like law and banking laws. Things could get worse if nothing is done.

The SEC's action is a part of a string of regulatory warnings directed at American crypto companies in general. The committee's head, Gary Gensler, is out to destroy the cryptocurrency market.

A poll on "We Want to Innovate in America" to "Support Crypto" was also started by the CEO.

Armstrong's call to action was the CEO of Coinbase's most recent action, signaling a change in his perspective on fusing business and politics. In a blog post from September 2020, he stated that political considerations shouldn't be part of the trade.

Notwithstanding the Wells warning, it is not apparent whether the SEC intends to prosecute Coinbase. Armstrong persisted in urging followers on Twitter Spaces to sign a petition to the financial authority arguing that staking does not meet the criteria for a security that is subject to its oversight.

In a comment letter, the cryptocurrency exchange asked the SEC to clarify that fundamental staking services are not securities.

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