Coinbase CEO Brian Armstrong gives his version of what US crypto regulation should look like just days after the US Securities and Exchange Commission (SEC) sued the exchange.
In a new interview with the Wall Street Journal, Armstrong describes his dream regulatory structure for crypto in the US.
According to Armstrong, the ideal regulatory framework places limits on the roles of the SEC and the Commodity Futures Trading Commission (CFTC) while providing provisions for investor protection.
“So the first is we just need to get some clarity on the market structure and how the CFTC and the SEC are both going to regulate this industry. What are the limits? I think we should also just introduce some basic consumer protection. It’s not actually rocket science. This is just applying some of these really basic common sense ideas to the industry.”
Armstrong says that once the US creates a framework for the crypto industry, the country will see a return of entrepreneurs who may have left because of the series of enforcement actions taken against the digital asset space this year.
And once we get that legislation in place, I think we’re going to see a number of entrepreneurs who have left the US come back and say, ‘Okay, I feel like we’re not just going to be attacked randomly or incredibly high legal accounts, and we can build a business again here in the US.’”
The SEC filed a lawsuit against Coinbase last week, accusing the exchange of “operating as an unregistered securities exchange, broker, and clearing house.”
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