It’s been revealed the fact that the CEO of Coinbase, Brian Armstrong revealed his dream version of the crypto regulation. More than that, he said that this is no rocket science after all.
Coinbase CEO addresses crypto regulation
During a new interview with the Wall Street Journal, Armstrong details his dream regulatory structure for crypto in the United States.
He believes that the ideal regulatory framework sets boundaries for the roles of the SEC and the Commodity Futures Trading Commission (CFTC), while providing stipulations for investor protection.
“So the first one is we just need to get some clarity about the market structure and how the CFTC and the SEC are both going to regulate this industry. What are the boundaries? I think we also need to just bring in some basic consumer protection. It’s actually not rocket science. This is just applying some of these really basic common sense ideas to the industry.”
Armstrong also made sure to state the fact that after the US creates a framework for the crypto industry, the country will see a return of entrepreneurs who may have left due to the series of enforcement actions that are taken against the digital assets space in 2023.
“And then once we have that legislation in place, I think we’ll start to see some of the entrepreneurs who have left the US come back and say, ‘Okay, I feel that we’re not just going to be attacked randomly or have incredibly high legal bills at any given moment, and we can actually build a business here in the US again.’”
A former high-ranking official at the U.S. Securities and Exchange Commission (SEC) said that Coinbase can’t use their initial public offering (IPO) approval as any credible defense in regard to its recent legal issues.
Just to refresh your memory, the SEC sued Coinbase last week, alleging the top US crypto exchange operated as an unregistered securities exchange, broker, and clearing agency.
