Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the far better it is for Coinbase.” He discovered an inquiry from the U.S. Securities and Exchange Fee (SEC), noting: “We do not nonetheless know if this inquiry will grow to be a official investigation.”
Coinbase’s CEO on Crypto Regulation
The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s overall performance and cryptocurrency regulation through Coinbase’s Q2 earnings contact Tuesday.
Coinbase’s profits declined pretty much 64% in the 2nd quarter. The enterprise claimed a $1.1 billion web decline, in contrast with $1.59 billion in net profits in the very same quarter last year. “Q2 was a examination of durability for crypto providers and a intricate quarter overall,” Coinbase explained in its most current letter to shareholders.
Concerning cryptocurrency regulation, Armstrong comprehensive: “We’ve been happy to see the progress not too long ago both of those in the U.S. and in international locations all around the entire world toward far more very clear legislation for crypto. In the U.S., there are various expenses building their way via Congress with powerful bipartisan aid.”
He also pointed out President Joe Biden’s government get on crypto, the EU’s Marketplaces in Crypto-Belongings (MiCA) regulation, and “positive developments” in Australia, the U.K., Hong Kong, Brazil, and other markets.
Armstrong opined:
It is sort of strange to say, but … in some means, the far more regulation there is for crypto, the superior it is for Coinbase.
“We’re far more than happy to interact with any regulators around the earth who will consider time to fulfill with us. We really don’t see this as a undesirable matter. On the opposite, we feel it’s the finest way to support the business move forward,” he famous.
Armstrong on SEC’s Alleged Investigation of Coinbase
Addressing recent headlines that the U.S. Securities and Exchange Commission (SEC) may perhaps be investigating Coinbase about its cryptocurrency listings, Armstrong discovered that in May well the SEC despatched Coinbase a “voluntary request for data,” together with particulars of its asset listings procedure. He emphasised:
We do not yet know if this inquiry will turn out to be a formal investigation.
Past thirty day period, the SEC billed a previous Coinbase product or service manager in an insider trading scenario and mentioned that 9 crypto tokens stated on Coinbase are securities. The Nasdaq-shown organization has disputed any allegations that it lists crypto securities.
What do you assume about the comments by Coinbase CEO Brian Armstrong? Let us know in the reviews area under.
Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin (
$98,068.00 ) in 2011 and has been an evangelist ever considering that. His passions lie in Bitcoin ( $98,068.00 ) stability, open up-source methods, network outcomes and the intersection involving economics and cryptography.
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