- Armstrong said the SEC’s actions had harmed the country irreparably.
- The CEO continued by saying that Congress should act now.
Due to the SEC’s lack of regulatory clarity, the largest cryptocurrency exchange in the United States, Coinbase, is apparently looking to relocate its operations offshore. Coinbase, though, seems to be preparing for a protracted court struggle rather than a swift resolution.
Met with the SEC today. We’ll continue pushing for a clear rule book in the U.S. for crypto regs.
— Brian Armstrong (@brian_armstrong) April 21, 2023
The U.S. can’t afford to fall behind on this important technology to update the financial system.
Also important for regulators to set policy and THEN enforce it. Not start with… pic.twitter.com/EaPD7wDbSx
Coinbase CEO Brian Armstrong tweeted about meeting with the US Securities and Exchange Commission. He promised that the cryptocurrency exchange would keep working towards a unified set of regulations for cryptocurrency businesses in the United States.
With a “Wells notice” about the listing of various digital assets, staking, and wallet services, the financial authority severed the cryptocurrency exchange.
Urging Congress to Intervene
Armstrong also said that the United States must use this opportunity to modernize its banking infrastructure. However, it is essential for regulators to make sound policy decisions and take action to implement them. He continued by saying that Congress should act now.
Following his recent conference with select members of Congress, Coinbase’s CEO met with the commission. Earlier, Armstrong said the SEC’s actions had harmed the country irreparably. His point was that the crypto community must take action. Armstrong, however, has left a note saying that he is returning to the West Coast to concentrate on product development.
The Commodity Futures Trading Commission (CFTC) has filed charges against Binance for various violations of law, including those pertaining to its know-your-customer (KYC) and anti-money laundering (AML) procedures, as well as its futures offerings and illegal off-exchange commodity options.
The ongoing crackdown on the crypto sector has received severe backlash from industry experts citing a lack of regulatory clarity.
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