Brian Armstrong, founder and CEO of leading cryptocurrency exchange Coinbase, has appealed to the American Congress.
Sharing a statement on his official Twitter account yesterday evening, Armstrong made a statement with the image he shared after his visit to the SEC.
Met with the SEC today. We’ll continue pushing for a clear rule book in the U.S. for crypto regs.
The U.S. can’t afford to fall behind on this important technology to update the financial system.
Also important for regulators to set policy and THEN enforce it. Not start with… pic.twitter.com/EaPD7wDbSx
— Brian Armstrong (@brian_armstrong) April 21, 2023
"We met with SEC officials today. We will continue to push for clarity on cryptocurrency regulations in America. We should not risk our country lagging behind in the crypto space to advance financial technology."
Armstrong stated that Congress must step in for a clear crypto regulation to occur by establishing inter-agency cooperation. The Coinbase boss believes financial institutions sanctioning without regulation is doing great harm.
SEC Pressure on Crypto
While it remains unclear which institution will regulate crypto in the country, the Securities and Exchange Commission SEC has increased its pressure on the industry.
SEC; It filed a lawsuit against Gemini, one of the crypto exchanges, and launched an investigation for Coinbase. Kraken fined $30 million for staking products. Three different exchanges, Beaxy, Paxful, and Bittrex, recently announced that they've pulled the plug.
Digital asset issuers Ripple and Algorand are under heavy pressure from the institution.
