Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space

coinbase is twitter space Following the Wells notice provided by the SEC this week on the crypto regulation previously planned for Friday.

Chris Lehane, Airbnb’s senior vice president of policies and communications, has taken the Twitter space to the next level by offering a disclaimer of “forward-looking statements” typically reserved for earnings calls and other official communications. It started and gave the space an unfamiliar heft to the format.

The space started with Coinbase CEO Brian Armstrong referring to the Wells Notice. He further stated that he is passionate about playing Coinbase by the rules, stating:[…] We want to bridge the gap between fiat and cryptocurrencies. ”

But Armstrong revealed, “The SEC is one of the places we’ve really struggled with over the last few years.” He then said he tried in vain to reach out to the SEC to discuss the regulatory environment until Coinbase specifically requested a visit to Coinbase last year.

Armstrong revealed that Coinbase has had “30 meetings in the last nine months” with the SEC.

However, Armstrong claimed that the SEC canceled the meeting the day before it was scheduled and then filed a Wells Notice to Coinbase a week later.

The frustration in Armstrong’s voice was clear, “We have asked them to submit official rules,” as Coinbase tried to preemptively obtain a license to ensure compliance. Those licenses remain dormant.

Additionally, regarding the SEC’s recent change in approach to staking, Armstrong commented that the word staking was referenced more than 50 times in the Coinbase S1 documentation.

Armstrong made a bold statement, suggesting that the United States lags behind the most when it comes to regulating cryptocurrencies, and while other countries are pushing the crypto business forward, the United States is lagging behind. .

Coinbase’s chief legal officer, Paul Grewal, continued the conversation, expressing that his role in the deal with the SEC was difficult given that “nothing was said.”

The space was arranged to address the Wells Notice while explaining Coinbase’s repeated attempts to engage with regulators without success. Crypto435Coinbase seeks to better represent crypto-friendly politicians across the United States.