Coinbase CEO accuses the SEC of a “crusade” against the crypto industry

In this, Brian Armstrong said that the company will not leave the United States

10.05.2023 - 11:40

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3 min

What’s new? In an interview with CNBC, Coinbase CEO Brian Armstrong reiterated the crypto exchange’s commitment to the US market despite the regulatory uncertainty, which he also previously told investors. Among the financial agencies controlling the industry, the businessman singled out the Securities and Exchange Commission (SEC), whose chair, Gary Gensler, “has taken a more anti-crypto view for some reason.” Armstrong characterized the regulator’s recent actions as a “lone crusade” against the digital asset industry.

CNBC’s material

What else is known? According to Armstrong, Gensler is not seeking to regulate the crypto industry but to restrict it. He noted that the lawsuits filed by the commission against crypto companies are not very helpful to the industry in the United States as a whole, adding that they can help bring clarity to the regulation of the digital asset industry.

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Armstrong also denied a suggestion he made in April that the company might move its headquarters overseas. He noted, however, that the US is behind on regulatory issues, while the EU has already passed comprehensive cryptocurrency legislation and the UK has been hospitable to digital assets in general.

Earlier, the US lawmakers’ war against the crypto industry was announced by the Blockchain Association, singling out Gensler and Massachusetts Democratic Senator Elizabeth Warren as the main opponents of the digital asset sector. Robert Francis Kennedy Jr. also said of the industry’s illegal standoff with US regulators, and Ripple CEO Brad Garlinghouse advised entrepreneurs not to open a cryptocurrency business in the States because of the regulatory climate.

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