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Coinbase CEO Welcomes SEC Litigation: We Will Get the Job Done”
Brian Armstrong, CEO of Coinbase, is undeterred by the US Securities and Exchange Commission's new lawsuit against his exchange. Both the CEO and his company responded on Monday with brief arguments as to why Coinbase will emerge victorious in the legal battle with the regulator. A Chance to Gain Clarity In a tweet on Tuesday, Armstrong said that Coinbase was "proud" to represent the crypto industry in its SEC court battle and "finally gain clarity on crypto rules." Armstrong has criticized the SEC for years for failing to clarify how securities laws apply to the crypto industry, such as which digital assets are...
Coinbase CEO Welcomes SEC Litigation: We Will Get the Job Done”
Brian Armstrong, CEO of Coinbase, is undeterred by the US Securities and Exchange Commission's new lawsuit against his exchange.
Both the CEO and his company responded on Monday with brief arguments as to why Coinbase will emerge victorious in the legal battle with the regulator.
A chance to gain clarity
In one tweetOn Tuesday, Armstrong said that Coinbase was “proud” to represent the crypto industry in its SEC court battle and “finally gain clarity on crypto rules.”
Armstrong has criticized the SEC for years for failing to clarify how securities laws apply to the crypto industry, such as which digital assets are considered securities and which are commodities. The exchangesuedThe US Securities and Exchange Commission (SEC) failed to respond to Coinbase's petition to provide rules for digitally traded securities in April. However, the regulator claimed that there are already clear rules and regulations for cryptocurrencies.
One of the SEC's main allegations is that Coinbase failed to register with the agency for various securities products it offered. Armstrong, howeverarguedthat there is no reasonable way to do this.
“We’ve tried repeatedly — that’s why we don’t list securities,” he said. Additionally, the SEC and CFTC have made conflicting statements about which crypto assets are considered securities - includingEthereum (ETH)and Tether (USDT).
The US Congress is already trying to introduce crypto-specific legislation to remedy the situation, but this still leaves the country lagging behind the “rest of the world” when it comes to setting industry rules.
“We will get the job done,” he said. "In the meantime, let's all keep moving forward and building as an industry. America will get there in the end."
The numbers
In a video released by Coinbase on Tuesday, the exchange provided statistics that demonstrate its commitment to regulatory compliance and lack of cooperation from the SEC.
The exchange notedthat it mentioned its “stake” 57 times in its S1 report, which the SEC approved. It also met privately with the SEC 30 times and sought advice on how to remain compliant.
The SEC has now established 0 comprehensive rules for crypto and uses a test written in 1946 to determine whether tokens are securities (the Howey test).
However, critics of Coinbase pointed out that the SEC made it clear in its approval of the exchange's S1 that it did not necessarily approve of the legality of Coinbase's underlying business.
To the people posting that it's unfair for the SEC to file a lawsuit after approving Coinbase's IPO: please stop. @coinbase was warned that approval of the registration statement does not mean approval of the underlying business. It's in the complaint. pic.twitter.com/vvRYwD4pkd
— Joe Carlasare (@JoeCarlasare) June 6, 2023
The post Coinbase CEO Welcomes SEC Litigation: “We’ll Get The Job Done” appeared first on CryptoPotato.
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