- CEO Brian Armstrong emphasized the need for clear regulations in the United States.
- Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure.
- Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings.
Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance.
Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.”
“There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen, “This is something that America needs to get right.”
Furthermore, Armstrong shared that he had meetings with lawmakers and believes that there is a “general consensus and understanding from both sides.” However, Armstrong said there are a few remaining issues, for example, a state pathway for stablecoins or a federal pathway. Armstrong added that he would agree to any of them, as he’s after clear rules.
Due to the absence of clear rules, the U.S. Securities and Exchange Commission (SEC) has been attempting to regulate through enforcement and harassment, according to Armstrong. He said, “Every startup in the space gets a subpoena or a Wells notice, and that’s not sustainable or okay.” In light of the SEC’s lawsuit against Coinbase, Armstrong said that the SEC lost their last three judge rulings “so we feel good about our case.”
Armstrong stated that no one can confirm if any piece of legislation is going to happen but shared that the crypto industry would try “again and again until something goes through.”
A recent court ruling stated that the SEC actions have been arbitrary, capricious, and unlawful. Armstrong shared the same opinions and added that these words are a “serious thing for a judge to say about the SEC; the only thing worse they could say is outright corruption and fraud.”
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