Brian Armstrong, the co-founder and CEO of leading American cryptocurrency exchange Coinbase, has expressed his belief that the U.S. Securities and Exchange Commission (SEC) is pursuing regulatory clarity in the country alone; contrary to the stance of Congress and other federal regulators.
In an interview with CNBC on Monday, Armstrong suggested that the Chair of the SEC, Gary Gensler, is taking an anti-crypto approach to regulating the American digital asset industry for unknown reasons. He believes that Gensler is curtailing the industry rather than regulating it, citing the number of lawsuits the SEC has filed against several crypto exchanges. Armstrong also argued that the legal battles were detrimental to the industry.
“I think the broad consensus view in the U.S. government is that there should be a clear rule book, and this is going to require new legislation from Congress. The SEC is a bit of an outlier here. There’s kind of a lone crusade, if you will, with Gary Gensler, the chair there, and he has taken a more anti-crypto view for some reason,” the Coinbase CEO said.
Despite this, Armstrong reaffirmed that Coinbase would not be relocating its operations to overseas locations due to the regulatory uncertainty in the U.S. Instead, the company would look to invest in regions such as the U.K. and E.U. that have more thoughtful approaches to crypto, although a recent report indicated that Coinbase is considering the UAE as a hub for its international operations.
Lastly, Armstrong noted that the absence of clear regulation had allowed Coinbase to seek clarity from the courts, a move it initiated last year. As CryptoPotato reported, the Third Circuit Court of Appeals recently ordered the SEC to respond to Coinbase’s rulemaking petition, filed nine months ago, within ten days.
A Lone Crusader
Furthermore, the Coinbase CEO reiterated his stance that the exchange would not move its operations to offshore regions amid the regulatory uncertainty in the U.S. However, he mentioned that the company would invest in areas like the U.K. and E.U., which have more thoughtful approaches to crypto.
Meanwhile, an earlier report confirmed that Coinbase is already considering the UAE as a hub for its international operations.