Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the USA, explained how their negotiations with the SEC put them in a dead end.
CEO Brian Armstrong Decrypt In an exclusive interview with , he talked about his inconclusive talks with the US Securities and Exchange Commission (SEC). End He met with the SEC 30 times in 18 months. Armstrong stated that where they expected to receive a response from the regulatory agency, all they got was a lawsuit.
The SEC filed a lawsuit against Coinbase in early June. unregistered securities sales He filed a lawsuit for what he did.
In his interview, he said that they repeatedly asked the regulator about which assets were securities, but the SEC no net return He included what they couldn’t get:
We met with them multiple times and tried to get feedback on which assets were and were not securities. We asked them to explain to us which cryptocurrencies other than Bitcoin have what status, but we did not receive a clear response. At the end of this process, all we got was the Wells Notice and then the lawsuit was filed.
Lack of regulatory clarity in the US
SEC and CEO on who will control cryptocurrencies in the US US Commodity Futures Trading Commission (CFTC) He stated that there is an ongoing status war between the two companies and emphasized that this situation creates a very difficult process for companies operating in the cryptocurrency market.
But in england Reminding that there is only one regulatory institution, the CEO said that the meetings they had with this institution in the past period It went very positive told.
Armstrong in USA Lack of regulatory clarity About found on my site:
The UK Financial Conduct Authority has had really productive discussions with us. It’s really nice to have a single federal regulator for both commodities and securities, because they don’t have a problem in the US where the CFTC and the SEC sometimes have a sort of turf war over who gets to regulate which assets, and sometimes it’s kind of a jumping ball between them. In England this is no problem. The number one thing we look for in terms of international expansion and investment is regulatory clarity.