In a series of tweets, Brian Armstrong, the co-founder, and CEO of Coinbase, expressed his strong stance in response to the recent complaint filed against the popular cryptocurrency exchange by the U.S. Securities and Exchange Commission (SEC).
Armstrong highlighted the importance of obtaining clarity in cryptocurrency regulations and reiterated Coinbase’s commitment to representing the industry in court.
The SEC’s casefile against Coinbase centers around the classification of certain crypto assets as securities.
Armstrong made it clear that Coinbase has consistently sought to comply with regulatory requirements, emphasizing that the company underwent a thorough review by the SEC before becoming a public company in 2021.
Coinbase’s compliance efforts are exemplified by their rejection of the majority of assets they review, as they strive to avoid listing securities.
One of the key points raised by Armstrong is the lack of consensus between the SEC and the U.S. Commodity Futures Trading Commission (CFTC) regarding the classification of cryptocurrencies.
He pointed out the conflicting statements made by both agencies, highlighting the need for clear and cohesive guidelines. He noted that other countries around the world are actively working to establish such rules to support the growth of the crypto industry.
Asserting that the SEC’s enforcement-focused approach has impeded progress and harmed America’s position in the global crypto landscape, Armstrong emphasized Coinbase’s willingness to seek clarity through the courts.
He expressed confidence in the company’s understanding of the facts and the law and affirmed their determination to navigate the legal process.
Amidst the ongoing legal battle, Armstrong encouraged the industry to remain united and forward-focused, underscoring his belief that America will ultimately find the right path forward. He mentioned that the U.S. Congress is in the process of introducing new legislation to address the regulatory uncertainty surrounding cryptocurrencies
