Coinbase CEO Brian Armstrong believes the government legislature should step in and prevent the US Securities and Exchange Commission (SEC) from driving the digital asset industry out of the country.
Brian Armstrong tells his 1.2 million Twitter followers that Coinbase recently met with the SEC to push for a rulebook that provides regulatory clarity for crypto players in the US.
According to Coinbase’s CEO, regulatory authorities should come first issue before they are enforced, not the other way around.
“Meet with the SEC today. We will continue to push for a clear rulebook in the US for crypto regulation.
The US cannot afford to fall behind on this important technology to update the financial system.
Also important for regulators to set policy and enforce DAN. Do not start enforcement until there are clear rules. At this point, it appears that Congress needs to step in.”
Armstrong too say that Coinbase is committed to fighting the SEC’s approach to take enforcement action against major crypto players without providing a clear set of rules they could follow.
“Spent the day in DC with members of Congress. We need regulatory clarity in the US for the centralized players in crypto for several reasons: consumer protection, national security, economic growth, etc. The SEC has done America untold harm with its policy of regulation through enforcement. We will fight to fix that.”
Earlier this week, Armstrong met with MP Andrew Griffith, the economic secretary of the UK Treasury, as the crypto exchange appears to be setting its sights on the UK amid swirling regulatory uncertainty in the United States.
Last month, the U.S. Securities and Exchange Commission (SEC) sent a Wells Notice to Coinbase, saying the regulator had made a “preliminary decision” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl mix
Featured image: Shutterstock/Zaleman
