In a strong statement, Coinbase CEO Brian Armstrong called on the next SEC chair to withdraw what he describes as “frivolous” lawsuits against the crypto industry, including Coinbase, and issue an apology to Americans. Armstrong believes this step would help restore trust in the U.S. Securities and Exchange Commission (SEC), which has been criticized for its unpredictable stance on crypto regulation.

🔍 Armstrong’s Call for Change

Armstrong's criticism centers on the SEC’s inconsistent handling of crypto regulations, which he argues has stifled innovation and shaken investor confidence. He suggests that many recent lawsuits lack solid legal foundations and only add to the challenges crypto companies face in navigating unclear regulatory waters.

🔄 SEC’s Mixed Messaging

In his statement, Armstrong highlighted several instances of conflicting messages from the SEC:

2018: The SEC stated that a “digital asset by itself is not a security.”

2021: The SEC shifted, saying digital assets could “represent an investment contract.”

Recently: Digital assets were described simply as “computer code,” adding to the confusion.

These inconsistent positions have made it challenging for the crypto industry to follow regulations, frustrating both businesses and investors.

💬 Armstrong’s Vision for a New SEC

Armstrong believes that an apology to the American people would be a small step toward rebuilding faith in the SEC as a fair and reliable regulator. His message aligns with the broader crypto community’s demand for clear and consistent regulatory guidelines to avoid regulatory uncertainty.

🗣️ Trump’s Promise to Fire SEC Chair

Adding fuel to the debate, former U.S. President Donald Trump announced his intention to fire SEC Chair Gary Gensler if he regains the presidency, vowing to replace him with a leader who supports crypto growth. Gensler has become a controversial figure due to his aggressive enforcement actions against major crypto platforms like Coinbase and Binance, which many see as stifling the crypto sector’s potential in the U.S.

Stay tuned for updates as the debate around crypto regulation and the SEC’s role continues to unfold.

#SEC #CryptoRegulation #Coinbase #BrianArmstrong #CryptoNews