Coinbase CEO Brian Armstrong says the US Securities and Exchange Commission (SEC) owes an apology to all Americans.
Armstrong said on social media platform X that the SEC’s approach to regulating digital assets has caused unnecessary harm to the American people.
“The next SEC chairman should withdraw all frivolous matters and apologize to the American people. It would not undo the damage done to the country, but it would begin the process of restoring confidence in the SEC as an institution.”
Armstrong shares a chart illustrating the allegedly contradictory statements the SEC, under current head Gary Gensler, has made about digital assets, including whether Bitcoin (BTC) is a security, how exchanges can comply with existing law and whether existing laws are clear.
Armstrong suggests that the lack of regulatory clarity has hampered the crypto industry and made compliance challenging, all to the detriment of America and its citizens.
Critics of the SEC have accused the federal regulator of regulation by enforcement alone and violating the Administrative Procedure Act (APA), which governs the process for how federal agencies develop regulations.
The SEC has sued Coinbase, claiming that the cryptocurrency exchange engaged in unregistered sales of securities.
Meanwhile, Armstrong has big plans to make Coinbase the financial account of choice for their customers.
“We don’t plan to become a bank, but we plan to become people’s main financial accounts…
We have USD Coin if you want to hold balances in US dollars. And you can imagine in the future we’ll add other features, like the ability to send a wire transfer or bank transfer, and then it could really be your primary financial account.”
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