- Brian Armstrong remains confident and determined in the platform’s venture amidst the protracted crypto winter.
- The CEO of Coinbase asserts that persistence and determination will be rewarded.
- Despite the industry’s regulatory struggles, Coinbase stands firm to move forward.
Crypto enthusiasts across the universe are grappling with the protracted bearish period, intensified by the prevailing regulatory uncertainties. Meanwhile, Brian Armstrong, the co-founder and CEO of the leading crypto exchange Coinbase, shared his optimistic view amidst the unfavorable crypto conditions, asserting that the firm would navigate the deep waters of the long crypto winter.
Since the fall of FTX, the crypto industry has been subdued by bearish trends, with even the most popular cryptocurrencies, including Bitcoin and Ethereum, plummeting. In addition, over the past few months, the Securities and Exchange Commission (SEC) has been launching lawsuits against various digital assets and crypto platforms, strengthening its regulatory clutches.
Earlier this year, the SEC sued Coinbase, claiming that the platform allegedly operated as “an unregistered national securities exchange, broker, and clearing agency”. Alleging that Coinbase failed to register as a crypto trading platform, the SEC stated,
According to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law.
Though Coinbase filed a motion in the U.S. District Court for the Southern District of New York to dismiss the lawsuit, in a recent court filing, the SEC asked the court to disregard the motion. Despite the ongoing legal tussle and regulatory inconveniences, Coinbase reinforces its stance on moving forward with its sanguine beliefs. Armstrong reiterated Coinbase’s determination, stating,
At Coinbase, we don’t care if crypto is in a winter, or if people are pivoting to some new hot thing, we just keep showing up every day to build. Progress toward important missions takes decades, and will have lots of ups and downs along the way. Persistence and determination pay off.
In related news, the blockchain intelligence platform Arkham Intel identified Coinbase as the largest Bitcoin-owning crypto exchange, with around 1 million BTC worth $25 billion in the company portfolio. In addition, the platform reportedly holds other major cryptocurrencies, including Ether, Chainlink, and USDC.
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