The CEO of U.S. cryptocurrency exchange Coinbase criticized the Securities and Exchange Commission (SEC) for its overly strict approach to regulating the crypto industry.
Brian Armstrong said in an interview that Congress and other federal agencies are trying to bring clarity to cryptocurrency regulation, and only the SEC’s position is fundamentally different from other agencies.
SEC chairman Gary Gensler is trying to regulate the crypto industry with an anti-cryptocurrency approach, and the reason for this is still unknown, resents Armstrong.
According to the businessman, the official is not so much trying to control the industry as to restrict it – given the number of lawsuits filed by the SEC against cryptocompanies.
“The general consensus among U.S. federal authorities is that there needs to be a clear set of rules for cryptocurrencies, and that will require new legislation from Congress.
The SEC stands out here in a big way: it went on a lone crusade with Gensler,” Armstrong sneers. Coinbase CEO concludes that litigation with regulator proved futile for industry.
However, Blockchain Association policy chief Jake Chervinsky believes that cryptocurrencies have a chance to win the fight against the SEC through the judiciary.
A Coinbase executive recently said that despite expanding business overseas because of the uncertainty with cryptocurrency regulation, the exchange is still committed to the U.S. market.