Chairman of the Securities and Exchange Commission, Gary Gensler is far from unanimous. Brian Armstrong, CEO of Coinbase, recently spoke out about the SEC's policy towards the cryptocurrency industry.
Coinbase CEO is angry with the SEC, to the point of begging for an apology
On the social network X, Brian Armstrong, CEO of Coinbase, published this Tuesday a compilation of statements made by the Securities and Exchange Commission (SEC) in recent years. Words that he considers contradictory.
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs
— Brian Armstrong (@brian_armstrong) October 29, 2024
To the questions “Are digital assets securities?” » and “Can the SEC regulate crypto exchanges?” “, the manager highlighted the various responses proposed by the American financial policeman over the years in a detailed, sourced, but not exhaustive table.
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Faced with these contradictions, the boss of Coinbase thinks that the future chairman of the SEC will have to apologize to the cryptocurrency industry :
The next president of the SEC should withdraw all frivolous matters and apologize to the American people. This would not repair the damage done to the country, but this would begin the process of restoring confidence in the SEC as an institution.
Along with the US presidential elections scheduled in a week, senatorial elections will also be organized. Last week, Brian Armstrong did not fail to bring his support for pro-crypto Republican senators.
Thus, in response to a user of the X platform, he called for a vote in favor of David McCormick who is seeking to take the place of Democratic Senator Elizabeth Warrenknown for its very conservative stance on cryptocurrencies.
Agreed – Massachusetts residents should vote for @JohnEDeaton1
Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America. Fortunately they did not succeed as we and others… https://t.co/uLcBzIXyTV
— Brian Armstrong (@brian_armstrong) October 21, 2024
Coinbase CEO took advantage to criticize Elizabeth Warrenclaiming that the senator was “ the one that allowed Gary Gensler to land his position as president of the SEC “. For Brian Armstrong, Elizabeth Warren even summoned Gary Gensler “ to illegally annihilate the cryptocurrency industry in the United States ».
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After the US presidential elections, a new chairman of the SEC could be appointed
In recent years, the Securities and Exchange Commission has not hesitated to lead a crusade against the crypto ecosystem. For some, Gary Gensler is clearly at the center of this repressive policy.
Donald Trump, Republican candidate for the White House did not hesitate to harshly criticize the head of the SEC. The former president of the United States even said that he “ would kick Gary Gensler out of office the second he is elected »and that he would appoint a president “ who believes that America must build its future, not block it “.
Also read — Bitcoin (BTC) at $80,000 after the US presidential election? This is the bet that many investors make
According to the latest information, Donald Trump would have thought of the former legal adviser of the SEC, Robert Stebbinsto the former chairman of the Commocity Futures Trading Commission, Chris Giancarloor to the current Republican Commissioner of the SEC, Hester Peircefor the position of president of the regulatory authority.
However, a name stands out more than those previously mentioned : that of Dan Gallagher. Currently legal director of the financial services company Robinhood, Dan Gallagher already had to face the SEC last May since the company he works for received a Wells notice from the regulator.
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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