As the quest for regulatory clarity intensifies, Coinbase Co-Founder and CEO Brian Armstrong calls for congressional intervention in the cryptocurrency space.
On April 21, 2023, Armstrong took to Twitter to share his concerns regarding the need for transparent cryptocurrency regulations in the United States. Emphasizing the importance of the U.S. not falling behind in adopting this transformative technology, Armstrong called for regulators to establish clear guidelines before enforcing them. He suggested that it might be necessary for Congress to intervene.
In a CNBC interview with Arjun Kharpal on April 18, 2023, Armstrong expressed his frustration at the lack of guidance from the SEC, despite having 30 meetings with them over the past year. He lamented the sudden arrival of a Wells Notice without any prior feedback on Coinbase’s practices.
Armstrong criticized the SEC for neglecting its duty to provide clear market standards, suggesting that legal action might be the only way to obtain the necessary clarity. He accused the regulatory body of shirking its responsibility to create a secure and thriving environment for the market.
The Coinbase CEO further explained that the company is ready to engage in a protracted legal battle if necessary. Although Coinbase would prefer to avoid litigation, Armstrong stated that they are well-prepared to pursue legal action for the clarity they seek.
Armstrong expressed confidence in the legal standing of Coinbase, asserting that the SEC must adhere to the rule of law. He believes that a jury would not find the SEC’s actions favorable and is optimistic about the potential outcome of a lawsuit. He emphasized that Coinbase intends to go to court to secure a victory, asserting its strong case in the matter.
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