Coinbase CEO Brian Armstrong believes that the next SEC chair should apologize to the public for the impact of the agency’s inconsistent crypto regulations. On Oct. 29, Armstrong shared a list of the SEC’s conflicting statements on digital assets, including confusion over whether Bitcoin and other cryptocurrencies are securities and if the agency has the authority to oversee crypto exchanges.
Armstrong argued that a public apology and a retraction of “frivolous” lawsuits could help restore trust, though it wouldn’t undo the harm already done.
Coinbase CEO Endorses Republican Senate Candidates
With the U.S. election approaching, Armstrong has endorsed pro-crypto Senate candidates, including David McCormick, ex-CEO of Bridgewater Associates, and John Deaton, a lawyer and XRP advocate. Armstrong recently praised McCormick as the “better candidate on crypto” for Pennsylvania residents and has urged Massachusetts voters to recognize Senator Elizabeth Warren’s role in supporting SEC Chair Gary Gensler, alleging that she encouraged Gensler to act against the crypto industry.
What a Trump Win Could Mean for the SEC
A Trump win could lead to a more crypto-friendly SEC chair. Trump has pledged to replace Gensler if reelected, aiming to appoint a chair focused on “building the future.” Potential candidates include Robinhood’s Dan Gallagher and former SEC officials Robert Stebbins, Hester Peirce, and Chris Giancarlo, who have all voiced support for a more constructive crypto policy.
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