Congress should step in to bring crypto regulation, says Coinbase CEO

Brian Armstrong confirmed that he met with the US securities body recently to bring a better & clear rule book to America.

Brian Armstrong is CEO of American public crypto exchange Coinbase (COIN). In 2012, Armstrong founded the Coinbase exchange with Fred Ehrsam. In the early phase of the career, Armstrong worked as a developer for IBM and consultant at Deloitte. Coinbase exchange is top-regulated crypto company in America and also some government US agencies use Coinbase-developed blockchain tools to trace illicit crypto transactions.

On 21 April 2023, Brian Armstrong informed his followers that he met with the United States Securities and Exchange Commission (SEC), a top dominant financial regulatory body in the US financial market.

Armstrong confirmed that his meeting was dedicated to bringing a clear rule book to the US crypto sector. He also said that the United States can’t afford to lose crypto innovation, which is an important financial technology update.

On the SEC’s enforcement action against crypto companies, Coinbase’s CEO said that it is important for lawmakers to make laws for the crypto sector and then take enforcement action against bad actors. 

Further Crypto entrepreneur said that the US Congress also needs to step in ahead of crypto regulation & clear rules in the US.

Coinbase vs SEC

At present, the Coinbase exchange is under legal pressure because of a Wells notice sent by the US SEC agency over some of the crypto assets trading & crypto staking on the Coinbase exchange. 

Wells notice doesn’t mean any enforcement action but we can treat it as an advance notice, which confirms that the corresponding regulatory body may take enforcement action.

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