CandleFocus Coinbase CEO: Next SEC Chair Should Apologize to Crypto Industry
2024-10-29
Author: Content Editor
Coinbase CEO Brian Armstrong is calling for the next SEC chairman to apologize to the digital asset sector, particularly for the agency's treatment of crypto under Gary Gensler. Armstrong believes that all cases against digital asset trading platforms, including Coinbase and Binance.US, should be dropped. He also expressed concern that Gensler's actions have pushed some businesses in the crypto industry to relocate to countries with more favorable crypto regulations. Armstrong emphasized that an apology may not completely undo the damage caused but would help restore trust in the SEC. He also pointed out instances where the SEC contradicted itself when prosecuting crypto firms, particularly regarding the classification of cryptocurrencies as securities. Coinbase has been urging the SEC to establish clear rules and a solid framework for crypto trading and listing in the United States. However, the SEC has denied their rulemaking petition, leading Coinbase to request a federal appeals court to overturn the denial.
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