It Would Certainly Help If Gary Gensler Were No Longer SEC Chair: Coinbase CEO

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It Would Certainly Help If Gary Gensler Were No Longer SEC Chair: Coinbase CEO

Yahoo Finance2023-09-08

Coinbase CEO Brian Armstrong said one way his company’s dispute with the Securities and Exchange Commission could get resolved is if someone else replaces Gary Gensler as chair of the agency."Maybe" ...

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It alleged the company had been operating an unregistered exchange because Coinbase allowed the sale of certain crypto tokens the agency considers to be securities — and therefore part of the SEC's jurisdiction.The question of what constitutes a security is key in this case as well the agency's larger campaign to rein in a variety of players in the crypto world. The regulator has charged 20 different crypto actors with violating securities laws since the beginning of 2023.Armstrong has been outspoken about his opposition to the lawsuit as well as the SEC's approach and stuck to that stance Thursday. \"I do think the leadership there has taken a very hostile view towards crypto...regulation by enforcement posture instead of just engaging in rule making as they're required to by law.\"He said he does expect there eventually to be clarity on how the crypto industry operates in the US, whether it is from the courts or from legislation written by Congress. \"Or maybe next year we'll have a different SEC chair,\" he said. \"Somehow this is gonna get resolved in the US.\"In a blog post Thursday Coinbase said it was entering a new phase of international expansion, with a focus on acquiring licenses, registering and establishing operations in markets \"that are enacting clear rules.\" Some priority markets include Europe, Canada, Brazil and Australia. It officially launched in Canada in August.Coinbase has made it clear it has no plans of leaving the US. Armstrong told Yahoo Finance Thursday that \"Coinbase is gonna be a US company with a multinational reach.\"He also expects crypto to become an issue in the 2024 presidential campaign, and said the candidates running thus far “see it as an opportunity to challenge\" policies of the current White House \"that they view as not in line with what the American people want.\"One GOP candidate, Vivek Ramaswamy, made some forceful comments on social media after a key court decision went against the SEC. The District of Columbia Court of Appeals in Washington said last month that the SEC had been \"arbitrary and capricious\" when it denied an application from an asset manager to convert its bitcoin trust into a spot bitcoin exchange-traded fund.A spot bitcoin ETF would allow investors to get exposure to the world’s largest cryptocurrency without having to own it, possibly expanding mainstream acceptance of digital assets.\"The shadow government in D.C. is out of control & the federal courts are our only remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies,\" Ramaswamy said on X, formerly known as Twitter. \"This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.\"The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023Armstrong said Thursday that \"I think this could become a hot topic in the presidential race in 2024.\"","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}