Coinbase CEO Brian Armstrong has spoken out against the SEC’s decision to sue the exchange.
The SEC complaint, filed early today, builds on allegations that Coinbase listed securities without being registered with a federal agency. This prompted additional action from Alabama and New Jersey to increase scrutiny of digital asset platforms.
Armstrong answered Twitter responded to the SEC accusations by pointing out that the SEC denied the idea that Coinbase was operating without oversight by reviewing and allowing it to become a public company in 2021.
Coinbase CEO wrote:
“Instead of issuing a clear rulebook, the SEC is adopting an enforcement-by-regulatory approach that harms the United States.”
Armstrong noted that Coinbase is seeking to register with the SEC, and that regulators do not have a clear understanding of the Commodity Futures Trading Commission (CFTC) regarding the classification of what constitutes a cryptocurrency security or commodity in the first place. emphasized.
“We do not list any securities”
The controversy comes amid growing conflict in the United States between regulators and the companies (or projects or protocols) operating in the industry. A deadlock in the debate lies in the technical definitions of securities and crypto-assets, and whether financial tools not invented until the 21st century follow the definitions and vocabulary of the early 20th century.
Armstrong has publicly claimed that Coinbase does not list securities. He wrote that he “rejects most of the assets we review,” suggesting exchanges rely on internal measures in making such determinations in the absence of clear language from the SEC. .
All of these actions against Coinbase follow the SEC’s June 5 decision to sue Binance and its CEO Changpeng Zhao.
An article in which Coinbase CEO Brian Armstrong responded to the SEC lawsuit on social media was first published on CryptoSlate.
