Coinbase CEO Brian Armstrong says ‘the more regulation there is for crypto, the better it is for Coinbase’
Coinbase CEO Brian Armstrong said on August 9th: Financial results announcement The company hopes to see a “common-sense framework for regulation” within the United States next year.
Armstrong said there has been “great progress” in regulating cryptocurrencies over the past year and that “the stronger the regulation of cryptocurrencies, the better for Coinbase.”
Coinbase recently received notice that it is being reviewed by the SEC for assets that may be considered securities. The research was touched on during its earnings call, as Coinbase said it welcomes conversations that help investors understand the nature of the assets they hold.
The company announced on August 9 shareholder letter It recently filed a petition with the SEC asking regulators to begin a public process to update regulations to allow for “the development of cryptocurrency markets and the tokenization of bond and equity markets.” .
Coinbase also noted that it is working with the EU on its proposal for a crypto-asset marketplace (MiCA), along with other jurisdictions to create a “clear regulatory regime for crypto-assets.”
Additionally, Armstrong said a bear market would be a “breath of fresh air” that would allow the company to focus on activities not possible during a bull market, which has focused on onboarding new users. He also reaffirmed that this is Coinbase’s first crypto “downcycle” as a public company.
In a phone call, Coinbase also confirmed that it has posted a $500 million loss in the current bear cycle in order to maintain adequate risk management.
