Coinbase CEO opens up about the struggles of dealing with the SEC

Coinbase CEO opens up about the struggles of dealing with the SEC

Coinbase decides against fighting SEC on declaring the USDC lending program as a security

In a conversation with Anthony Pompliano on the Best Business Show, broadcasted earlier today, Brian Armstrong, the CEO of US-based crypto exchange Coinbase spoke about the struggles of dealing with the Security and Exchange Commission, the problem with lack of regulatory transparency and explained why Coinbase decided against taking SEC to court with regards to the threats issued against the exchange’s USDC lending program.  

Coinbase became the first cryptocurrency exchange to go public earlier this year, a move that was seen as a major milestone towards establishing the legitimacy of digital assets. Armstrong revealed that once the IPO was launched, the exchange had meetings with every single regulator and relevant branches of the government except the SEC.

I reached out to the SEC. I tried to get a meeting with them. They told me that they weren’t meeting with any crypto companies”, the executive explained.

Coinbase has been vocal about its issues with the SEC after the regulatory body arbitrarily declared that Coinbase’s upcoming USDC lending program was security and threatened to sue the firm if it went ahead with the launch. Armstrong had previously highlighted how the SEC had given no explanations on how it had reached such a conclusion.

Speaking further about the experience, the CEO revealed that the SEC had refused to discuss the issue with Coinbase and was adamant on its stance. He further questioned how the decision protected consumers or created a level playing field in the industry. Armstrong also pointed out that the product, if released, could have catered to consumers who want to earn higher yields and cannot do so with existing financial instruments.     

The news of SEC threatening to sue Coinbase had evoked a strong response from the crypto community with many echoing the sentiment of Dallas Mavericks owner Mark Cuban who requested the exchange to go on an offensive and take the SEC to court.

Armstrong revealed that while Coinbase considered a legal battle, it has decided against it for a number of reasons including because “there’s a lot of deference given to regulators in the court system.” He confirmed that the launch of the program has been suspended until better transparency on regulations related to crypto lending services can be established.

The post Coinbase CEO opens up about the struggles of dealing with the SEC appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Coinlist.me.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com