The Next SEC Chairman Can’t Keep Attacking Crypto, Claims Brian Armstrong

Coinbase CEO Brian Armstrong wants a pro-crypto SEC that won’t keep attacking the crypto industry in his recent comment on SEC Chairman Gary Gensler.

The United States Securities and Exchange Commission (SEC) has been criticized for unfairly targeting crypto. Its character, Gary Gensler, insists that the commission is only doing its job, weeding out corrupt entities that take advantage of novel technology and misuse it to steal millions of dollars from investors.

Admittedly, crypto cannot operate in isolation or a vacuum. Money will need to flow from TradFi and vice versa. For convenience, there must be laws guiding the process and protecting investors.

This is where the United States SEC, the DoJ, and other agencies come in. The problem is that some feel their actions have been unwarranted and sometimes too aggressive, preventing innovation.

Coinbase CEO Wants A Pro-Crypto SEC Not Gensler

After Brad Garlinghouse, the CEO of Ripple, ripped into the agency, Brian Armstrong, the CEO of Coinbase, also thinks that in the next regime, the leader of the United States SEC should not be heavy-handed and “attack” crypto.

The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.

It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs

— Brian Armstrong (@brian_armstrong) October 29, 2024

Appealing for change, the Coinbas CEO insisted that whoever succeeds Gary Gensler should withdraw from what he termed “frivolous” lawsuits, especially those against American companies.

The right thing to do, especially to restore confidence, is for the agency to apologize.

Last year, the United States SEC sued Binance and Coinbase.

The Binance case has since been settled, with the world’s largest exchange paying billions in penalties.

 

Coinbase is still battling with the regulator.

In recent years, especially after the launch of  Operation Chokepoint , many believe the agency has been acting erratically and inconsistently when handling crypto cases or defining crypto security.

For this reason, their action has been deemed retrogressive and only stifle innovation, making America lag.

SEC Gensler Chairmanship Causes Too Much Uncertainty For Industry

Specifically, the Coinbase CEO believes some lawsuits lack firm legal backing, subsequently creating uncertainty in the industry. For this reason, some players are willingly exiting and moving to other jurisdictions in frustration.

On July 24, Donald Trump said that if he wins, Gary Gensler will be the first casualty in the United States SEC.

 

The current SEC Chairman and Former MIT Professor Gary Gensler, central to this controversy, is blamed for regulating by enforcement and acting as an obstacle to crypto growth in the country.

Overall, crypto and its projects will thrive in any regulatory environment with clarity. Investors hate uncertainty, and crypto players say the regulatory environment in the United States is quite hostile.

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A Supportive Environment Boon For Quality Presales Like Memebet?

A pro-crypto regulator means a booming industry that could translate to benefits from quality altcoins like Memebet.

The Memebet presale is in progress, raising over $500,000.

Unlike other projects, its developers are launching a crypto casino where meme coin holders of Dogecoin or PEPE, for example, can place bets and win rewards.

 

The decision to launch a crypto casino in anticipation of supportive regulations is considering the rapidly growing gaming market predicted to reach over $92 billion by the end of 2024.

To ensure the platform is easily accessible, Memebet will operate through Telegram and remain onchain, ridding the need for lengthy KYC requirements.

Other attractive features drawing interest include play-to-earn airdrops, bonuses, and lootboxes with premium real-world prizes.

VISIT MEME BETS HERE

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