Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation – Regulation Bitcoin News

Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.”

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Coinbase’s CEO on Crypto Regulation

The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, mentioned his company’s efficiency and cryptocurrency regulation throughout Coinbase’s Q2 earnings name Tuesday.

Coinbase’s income declined virtually 64% in the second quarter. The company reported a $1.1 billion internet loss, in contrast with $1.59 billion in internet earnings in the identical quarter final year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase mentioned in its newest letter to shareholders.

Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support.”

He additionally talked about President Joe Biden’s government order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the U.Ok., Hong Kong, Brazil, and different markets.

Armstrong opined:

It’s kind of unusual to say, however … in some methods, the extra regulation there’s for crypto, the higher it’s for Coinbase.

“We’re more than happy to engage with any regulators around the world who will take time to meet with us. We don’t see this as a bad thing. On the contrary, we believe it’s the best way to help the industry move forward,” he famous.

Armstrong on SEC’s Alleged Investigation of Coinbase

Addressing latest headlines that the U.S. Securities and Exchange Commission (SEC) could also be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC despatched Coinbase a “voluntary request for information,” together with particulars of its asset listings course of. He emphasised:

We don’t but know if this inquiry will develop into a proper investigation.

Last month, the SEC charged a former Coinbase product supervisor in an insider buying and selling case and said that 9 crypto tokens listed on Coinbase are securities. The Nasdaq-listed company has disputed any allegations that it lists crypto securities.

What do you concentrate on the feedback by Coinbase CEO Brian Armstrong? Let us know in the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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