Coin base CEO Brian Armstrong Expresses Concern Over Rumors Of SEC Ban On Cryptocurrency For Retail Customers
Coin base CEO Brian Armstrong states that he has heard rumor’s that the US Securities and Regulation Commission plans to phase out cryptocurrencies for retail customers in the USA Armstrong shared his thoughts on Twitter and said that He does not believe that the apex securities regulator should ban and play cryptocurrency betting in the country. He said that he does not expect that and as he believes that if this is allowed to happen then surely it could be a terrible path for America.
Sharing a “primer” on the topic written by Paradigm, emphasizing that staking is not security. The CEO says that crypto has actually, “staking is a really important innovation in crypto and it directly allows users to run an open network and is attracted to participate in it”. Stacking can offer a number of positive improvements in the space, of course, including scalability, increased security and a reduced carbon footprint, and it is further argued that the latest technology needs to be promoted, not stifled. It is of course important for the country to define clear corporations for the financial services and web3 industry for national security reasons. It further states that regulation by enforcement does not work and that it “encourages” companies to operate offshore as happened with crypto exchange FTX. Of course, not everyone agreed with Armstrong, and some were quick to criticize him as well as criticize decentralized finance. One person in Armstrong’s Twitter thread quipped that it’s almost like decentralized finance and that staking is not decentralized. Additionally, several others joked with a picture of Securities and Exchange Commission Chairman Gary Gensler and the saying “Guess it’s time for more security”. Another person tweeted that of course, “actually, the Howe test is so comprehensive that everything is a security issue”. The real test is whether the Securities and Exchange Commission can regulate anything it wants to. Armstrong hopes that the industry will consider the relationship between innovation and national security interest in the country and encourage them to work together to establish “sensible solutions” in addition to clear rules that protect the consumer while resorting to the same.
