Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Brian Armstrong Says More Crypto Regulation the Better for Coinbase – CEO Discusses Alleged SEC Probe – Regulation Bitcoin News
Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” Disclosing a request from the US Securities and Exchange Commission (SEC), he noted: “We do not yet know if this investigation will become a formal investigation.”
Coinbase’s CEO of Crypto Regulation
Coinbase Global (Nasdaq: COIN) CEO Brian Armstrong discussed the company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call on Tuesday.
Coinbase’s revenue fell nearly 64% in the second quarter. The company reported a net loss of $1.1 billion, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders.
Regarding cryptocurrency regulation, Armstrong said: “We have been pleased to see the progress recently both in the US and in countries around the world towards clearer legislation for crypto. In the US, there are several bills making their way through Congress with strong bipartisan support.”
He also mentioned President Joe Biden’s executive order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the UK, Hong Kong, Brazil and other markets.
Armstrong believed:
It’s kind of weird to say, but… in some ways, the more regulation there is for crypto, the better it is for Coinbase.
“We are more than happy to work with regulators around the world who will take the time to meet with us. We do not see this as a bad thing. On the contrary, we believe it is the best way to help the industry move forward ,” he noted.
Armstrong on the SEC’s alleged investigation of Coinbase
Breaking recent headlines that the US Securities and Exchange Commission (SEC) may be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC sent Coinbase a “voluntary request for information,” including details about its asset listing process. He emphasized:
We currently do not know whether this inquiry will become a formal investigation.
Last month, the SEC charged a former Coinbase product manager in an insider trading case and stated that nine crypto tokens listed on Coinbase are securities. The Nasdaq-listed company has disputed all claims that it is listing crypto-securities.
What do you think of Coinbase CEO Brian Armstrong’s comments? Let us know in the comments section below.
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