Coinbase Grapples with SEC, Urges Congress for Crypto Regulatory Guidance
Despite Coinbase’s efforts to seek clarity from the U.S. Securities and Exchange Commission (SEC), the cryptocurrency exchange is facing regulatory challenges, according to CEO Brian Armstrong.
In an exclusive interview, Armstrong revealed that Coinbase has had 30 meetings with the SEC over the last 18 months but has received limited feedback on which assets the SEC considers securities. The SEC issued a Wells Notice to Coinbase in March, leading to charges in June, accusing the platform of operating an unlicensed securities exchange.
Armstrong criticized the regulatory ambiguity in the U.S., citing a “turf war” between the SEC and the Commodity Futures Trading Commission (CFTC). He contrasted the situation with the UK, where regulatory clarity has facilitated Coinbase’s business expansion and job creation. Armstrong expressed hope for Congressional action or legal proceedings to address the regulatory uncertainties in the crypto industry.
Clever Robot News Desk 1st December 2023