Brian Armstrong says SEC’s actions hurt American consumers
Brian Armstrong, CEO of Coinbase, expressed criticism towards the U.S. Securities and Exchange Commission (SEC), arguing that its regulatory actions are negatively impacting the American public.
In a social media post, Armstrong highlighted that the SEC’s current approach is causing uncertainty in the cryptocurrency sector, affecting global investors and American citizens alike.
He attributed this uncertainty to what he described as contradictory statements and unclear guidelines from the SEC, led by Chair Gary Gensler.
According to Armstrong, the SEC has been inconsistent regarding whether certain assets, including Bitcoin (CRYPTO:BTC), qualify as securities.
He emphasised, “The new SEC chair should withdraw all ridiculous lawsuits and apologize to the American people.”
Armstrong argued that the agency’s enforcement-focused strategy, rather than adhering to the established Administrative Procedure Act (APA), is problematic not only for companies like Coinbase but also for consumers and the broader financial system.
Coinbase itself is facing a lawsuit from the SEC, which alleges that the company has been selling unregistered securities.
However, Armstrong reaffirmed Coinbase’s commitment to evolving its services despite these legal challenges.
He explained that Coinbase’s goal is not to transform into a traditional bank but to offer financial services that prioritise customer safety and convenience.
Armstrong added, “We do not aim to become a bank; however, we intend to be the primary financial account and safe for people.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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