Coinbase CEO Calls on Congress to Pass Clear Crypto Legislation – Warns America Against Losing Financial Center Status – Regulation
Coinbase CEO Brian Armstrong has urged Congress to pass clear crypto legislation, warning that the US is at risk of losing its status as a financial hub. “Crypto is open to everyone in the world and others are leading,” the executive stressed.
Coinbase CEO on regulation of cryptocurrencies
The CEO of Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has called on Congress to pass clear crypto legislation. He tweeted on Wednesday:
America risks losing its status as a financial center in the long term, without clear regulations for crypto and a hostile environment from regulators. Congress should act soon to pass clear legislation.
“Crypto is open to everyone in the world and others are leading,” he added, citing the EU, UK and Hong Kong.
Aside from Armstrong, many people have complained that crypto regulation in the US is not clear, making it difficult for businesses to comply. However, US Securities and Exchange Commission (SEC) Chairman Gary Gensler has insisted that the law is clear and that most crypto tokens are securities.
Gensler has been criticized for taking an enforcement-oriented approach to regulating the crypto industry. Securities regulators recently took action against crypto exchange Kraken over its revenue program. The Commission also sent a Wells Notice to Paxos stablecoin Binance USD (BUSD). On Thursday, Terraform Labs and CEO Do Kwon were accused of defrauding investors.
Coinbase has insisted that its staking services are not securities. Armstrong tweeted on Feb. 12, “Coinbase’s staking services are not securities. We will happily defend this in court if necessary.” Additionally, on Feb. 14, Coinbase tweeted:
We do not know what aspects of BUSD may be of interest to the SEC. What we know: Stablecoins are not securities.
As the US tightens its crypto regulation, several other jurisdictions are striving to become a cryptocurrency hub, including Singapore, Hong Kong, and South Korea’s second largest city, Busan.
Kraken CEO Jesse Powell also asked Congress to pass cryptocurrency legislation after his exchange with the SEC was completed, and agreed to pay $30 million. “Congress must act to protect the domestic crypto industry and US consumers who will now go abroad to receive services no longer available in the US,” Powell wrote.
Do you agree with Coinbase CEO Brian Armstrong that the US needs clear crypto regulation or the country is at risk of losing its status as a financial hub? Let us know in the comment section below.
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Source: Crypto News Deutsch
