Coinbase CEO Brian Armstrong responds to SEC lawsuit; says Gensler’s views ‘not representative’ of US government

Coinbase CEO Brian Armstrong has defended his position and the broader crypto sector. bloomberg live interview today.

Armstrong’s remarks follow a recent lawsuit from the Securities and Exchange Commission (SEC) as the US government tightens its grip on Binance, the world’s largest cryptocurrency exchange. .

Armstrong clarified that SEC Chairman Gary Gensler’s view that most crypto assets are securities does not represent the overall view of the US government.

“It’s important to point out that while the SEC chair may have some views, they don’t represent the entire U.S. government,” Armstrong said. , argued Gensler’s position was “truly an outlier” in government figures. he said:

“When I meet with members of parliament, I think the general consensus among probably 80% of the people I talk to on both sides of the aisle is that we don’t know exactly what this technology is going to be.”

Armstrong further argued that while the technology’s future is still uncertain, the need for clear legislation is critical, especially given the advances made by major financial hubs around the world.

Armstrong also stressed the importance of consumer protection and the application of “some basic good ideas around AML/KYC and audited financial statements” in the cryptocurrency industry.

He emphasized the need for a clear market structure so that companies can better understand the regulatory environment and which institutions they should work with on specific types of assets.

Coinbase CEO Brian Armstrong Responds to SEC Lawsuit. He said Gensler’s views “do not represent” the U.S. government when they first appeared on CryptoSlate.