Coinbase CEO Says New SEC Chair Should Own Up to Crypto ‘Damage’

Last Updated on October 29, 2024

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Coinbase logo seen displayed on a smartphone. Source: Rafael Henrique - stock.adobe.com

Key Takeaways:

  • Coinbase CEO Brian Armstrong calls for an apology from the next SEC chair, asserting the SEC’s regulatory actions have undermined public trust in the crypto industry.
  • Armstrong voiced support for pro-crypto Senate candidates, critiquing figures like Senator Elizabeth Warren for opposing crypto and endorsing current SEC Chair Gary Gensler.
  • Speculation arises that a Trump presidency could lead to SEC leadership more favorable to crypto, with potential candidates including Hester Peirce and Chris Giancarlo.

Coinbase CEO Brian Armstrong has called for an apology from the next SEC chair, criticizing the agency’s current stance on cryptocurrency as harmful to the industry.

Armstrong shared a list of examples on October 29, highlighting the SEC’s conflicting messages, particularly regarding assets like Bitcoin and the regulation of crypto exchanges.

He claims this inconsistency has led to public mistrust, impacting both consumers and industry players.

He believes that an apology, paired with the dismissal of “frivolous” lawsuits, could help restore confidence, though it wouldn’t reverse the harm already done.

With the U.S. elections approaching, Armstrong supports several pro-crypto Senate candidates, including David McCormick in Pennsylvania and attorney John Deaton in Massachusetts, who is challenging Senator Elizabeth Warren, a vocal supporter of SEC Chair Gary Gensler.

Speculation around SEC leadership includes Trump potentially selecting a more crypto-friendly chair if he wins, with names like Dan Gallagher, Robert Stebbins, Hester Peirce, and Chris Giancarlo being considered.

Armstrong has endorsed Senate candidates but has not indicated support for a specific presidential candidate.

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