Coinbase’s Brian Armstrong Says Congress Needs To Step In Now That SEC Has Caused Untold Harm to US Investors
Coinbase CEO Brian Armstrong believes that the legislative branch of the government needs to step in and stop the U.S. 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 rule book that offers regulatory clarity for crypto players in the US.
According to Coinbase’s CEO, regulatory bodies must first enact policies before enforcing them, and not the other way around.
“Met with the SEC today. We’ll continue pushing for a clear rule book in the US for crypto regulations.
The US 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 enforcement before there are clear rules. At this point seems like Congress will need to step in.”
Armstrong also says that Coinbase is committed to fighting the SEC’s approach of bringing enforcement actions against major crypto players without providing a clear set of rules that they could 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 harm to America with its policy of regulation by enforcement. We will fight to fix that.”
Earlier this week, Armstrong met with MP Andrew Griffith, the United Kingdom’s economic secretary to the Treasury, as the crypto exchange appears to be setting its sights on the UK amid swirling regulatory uncertainty in the United States
Last month, the U.S. Securities and Exchange Commission (SEC) sent a Wells Notice to Coinbase, which said the regulator had made a “preliminary determination” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
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