Coinbase’s Brian Armstrong says Congress must step in now that the SEC has caused untold harm to American investors
Coinbase CEO Brian Armstrong believes the legislative branch of government must step in and stop the US Securities and Exchange Commission (SEC) from driving the digital asset industry out of the country.
Brian Armstrong tells his 1.2 million Twitter followers that Coinbase recently met with the SEC to push for a rulebook that provides regulatory clarity for crypto players in the US.
According to Coinbase’s CEO, regulatory bodies must first adopt guidelines before they are enforced, and not the other way around.
“Meet with the SEC today. We will continue to push for a clear rulebook in the US for crypto regulations.
The United States cannot afford to fall behind on this important technology to update the financial system.
Also important for regulators to set guidelines and THEN enforce them. Do not start enforcement until there are clear rules. At this point, it looks like Congress will have to step in.”
Armstrong too says that Coinbase is committed to fighting the SEC’s approach of taking enforcement action against major crypto players without providing a clear set of rules for them to follow.
“Spent the day in DC meeting with members of Congress. We need regulatory clarity in the US for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc. The SEC has caused untold damage to America with its policy of regulation by enforcement. We will fight to fix it.”
Earlier this week, Armstrong met with MP Andrew Griffith, the UK’s economic secretary to the Treasury, as the crypto exchange looks set to turn its sights to the UK amid swirling regulatory uncertainty in the US
Last month, the US Securities and Exchange Commission (SEC) sent a Wells notice to Coinbase, which said the regulator had made a “preliminary decision” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
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Featured image: Shutterstock/Zaleman
