Coinbase CEO Brian Armstrong is saying that the U.S. Securities and Exchange Commission (SEC) owes an apology to all Americans.
Armstrong says on the social media platform X that the SEC’s approach to regulating digital assets has caused undue damage to the American people.
“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.”
Armstrong shares a chart illustrating alleged conflicting statements the SEC, under current head Gary Gensler, has made about digital assets, including on whether Bitcoin (BTC) is a security, how exchanges can comply with the existing law and whether existing laws are clear.
Armstrong suggests the lack of regulatory clarity has hampered the crypto industry and made compliance a challenge, all to the detriment of America and its citizens.
Critics of the SEC have accused the federal regulatory agency of regulation by enforcement only and violating the Administrative Procedure Act (APA), which governs the process for how federal agencies develop regulations.
The SEC has sued Coinbase, alleging that the cryptocurrency exchange engaged in unregistered sales of securities.
Meanwhile, Armstrong has big plans to try and make Coinbase their customers’ go-to financial account.
“We’re not intending to become a bank, but we are intending to become people’s primary financial accounts…
We have USD Coin if you want to hold US dollar balances. And in the future, you can imagine us adding 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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