Brian Armstrong, the CEO of Coinbase, has responded positively to the US Securities and Exchange Commission’s (SEC) decision to dismiss the company’s petition for a new regulatory framework for digital assets. Coinbase argued that the current application of securities statutes and regulations to crypto assets is unworkable, but the SEC disagreed, stating that existing laws are sufficient. SEC Chairman Gary Gensler emphasized the importance of maintaining the SEC’s discretion in setting its own rulemaking priorities and stated that the existing securities regime appropriately governs crypto asset securities.
Despite the rejection, Coinbase has challenged the SEC’s decision in the US Court of Appeals, highlighting its frustration with the lack of clear regulatory guidance for the crypto industry. Armstrong sees the court’s involvement as a step forward in seeking regulatory clarity. He criticized the SEC’s approach to crypto regulation, describing it as “unhelpful” and emphasizing the negative impacts of regulation by enforcement rather than clear and transparent rules.
Armstrong also expressed frustration with the SEC’s lack of a clear path for Coinbase to register in compliance with its requirements. He pointed out the conflicting views between the SEC and the Commodity Futures Trading Commission regarding the regulation of the crypto market, highlighting the regulatory uncertainty in the US.
Throughout the process, Coinbase has made repeated efforts to work with the SEC and seek clarity on regulations, but Armstrong described the reception as “icy.” He acknowledged the existence of bad actors in the crypto space but emphasized that they should not be seen as representative of the entire industry.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Brian Armstrong, Gary Gensler |
| Companies | Commodity Futures Trading Commission (CFTC), Third Circuit of the US Court of Appeals, Coinbase, US Securities and Exchange Commission (SEC) |
| Currencies | None |
| Securities | None |
