Brian Armstrong, CEO of Coinbase, the largest US crypto exchange, made new statements regarding the stock market and the events with the SEC.
Speaking to CNBC from Dubai, Brian Armstrong criticized the SEC and its chairman, Gary Gensler.
Under intense regulatory scrutiny, Coinbase received a Wells Notice from the SEC earlier this year, stating that the SEC plans to file a enforcement action against them.
In light of these regulatory reviews, Armstrong said last month that Coinbase may go overseas.
Making a statement on this issue, Armstrong stated that Coinbase will not leave the country despite the regulatory uncertainty it faces in the USA.
“Coinbase will not move abroad.
We will always have a US presence. But the US is a little behind on crypto regulations right now.
For example, I can say that we are seeing more thoughtful approaches in the EU.
The UK regulations have also been incredibly warmly received. And it became a center for us. It was a place where we decided to serve the UK market.”
Noting that the SEC is against the crypto industry in general, Coinbase CEO likened the SEC's stance towards crypto platforms to crusades.
“At the center of the SEC's dispute with a number of cryptocurrency platforms, including Coinbase, is the allegation that Coinbase and other platforms are selling unregistered securities to investors.
However, as Coinbase, we do not accept this accusation.
The SEC is taking a somewhat contradictory stance here. SEC chairman Gary Gensler in particular is very against it.
Gensler is organizing a sort of crusade against crypto platforms and for some reason adopts a more anti-crypto view.
But I don't think it's working to regulate the crypto industry as much as restrict it. He's filed some lawsuits, and I think that's pretty useless to the industry in the US.
But it could also be an opportunity for Coinbase to get that clarity from the courts that we think will really benefit the crypto industry and also the United States.”
UAE putting out a "clear rulebook" on cryptocurrency regulation, Coinbase CEO @brian_armstrong tells CNBC's @Dan_Murphy pic.twitter.com/9w2tUKstHH
— CNBC Middle East (@CNBCMiddleEast) May 8, 2023
*Not investment advice
