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Coinbase chief executive officer, Brian Armstrong, responds to the SEC charges against Coinbase. The executive went on to Twitter and discussed the financial regulator’s complaint in detail against the leading crypto exchange in the U.S. Instead of showcasing any concerns about the allegations, he was optimistic about a solution and crypto regulations in the long run.
In a Twitter post on Tuesday, June 6, Armstrong noted, the recent incident has given the company a chance to “represent the industry in court” and discuss the clarity on rules and regulations around cryptocurrencies.
The executive cited different instances highlighting the contrast in the actions of the regulator, the crypto firm being righteous, and the need for crypto regulations. In his four points, he started with the Securities and Exchange Commission reviewing the company before allowing it to go public in 2021.
One of the leading cryptocurrency exchanges in the world, Coinbase, is among the oldest ones in the space. It was founded in 2012 by Brian Armstrong and Fred Ehsram.
Furthermore, Armstrong argued that the crypto exchange did not choose “come in and register” for cryptocurrency assets before registering. He asserted not to list securities over the platform and to have rejected a majority of such crypto assets after reviewing them.
In his tweet, Coinbase co-founder called out the contrasting statements of the two prominent financial regulators in the United States—SEC and CFTC. According to him, both institutions do not even agree and come to the same agreement on whether an asset is to be considered a security or a commodity.
Armstrong also called out the lack of cryptocurrency regulations in the United States and praised Congress for introducing new legislation. Other countries in the world are moving towards regulating the decentralized finance market. However, these rules were said to be clear and support the technology.
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.
— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to "come in and…
Citing SEC charging Coinbase, Armstrong stated: “Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it.”
Coinbase also showed up following the instance that sent shivers across the crypto industry. It posted a short video on its Twitter account. The 40-second video talks about the different instances including filing, guidance, etc. with the caption: “The numbers don’t lie.”
The numbers don't lie. pic.twitter.com/lec4wkp6RO
— Coinbase 🛡️ (@coinbase) June 6, 2023
The crypto Twitter exploded after the enforcement actions against the leading cryptocurrency exchanges. Many prominent names showed support for Coinbase and called out the regulatory action from the SEC.