Coinbase CEO Brian Armstrong says “the extra regulation there may be for crypto, the higher it’s for Coinbase.” He revealed an inquiry from the U.S. Securities and Trade Fee (SEC), noting: “We don’t but know if this inquiry will turn into a proper investigation.”
Coinbase’s CEO on Crypto Regulation
The CEO of Coinbase World (Nasdaq: COIN), Brian Armstrong, mentioned his firm’s efficiency and cryptocurrency regulation throughout Coinbase’s Q2 earnings name Tuesday.
Coinbase’s income declined nearly 64% within the second quarter. The corporate reported a $1.1 billion web loss, in contrast with $1.59 billion in web revenue in the identical quarter final 12 months. “Q2 was a take a look at of sturdiness for crypto corporations and a posh quarter total,” Coinbase stated in its newest letter to shareholders.
Concerning cryptocurrency regulation, Armstrong detailed: “We’ve been happy to see the progress lately each within the U.S. and in international locations around the globe towards extra clear laws for crypto. Within the U.S., there are a number of payments making their manner by Congress with sturdy bipartisan assist.”
He additionally talked about President Joe Biden’s government order on crypto, the EU’s Markets in Crypto-Property (MiCA) regulation, and “optimistic 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 may be for crypto, the higher it’s for Coinbase.
“We’re more than pleased to have interaction with any regulators around the globe who will take time to satisfy with us. We don’t see this as a foul factor. Quite the opposite, we consider it’s one of the simplest ways to assist the business transfer ahead,” he famous.
Armstrong on SEC’s Alleged Investigation of Coinbase
Addressing latest headlines that the U.S. Securities and Trade Fee (SEC) could also be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in Might the SEC despatched Coinbase a “voluntary request for info,” together with particulars of its asset listings course of. He emphasised:
We don’t but know if this inquiry will turn into a proper investigation.
Final month, the SEC charged a former Coinbase product supervisor in an insider buying and selling case and acknowledged that 9 crypto tokens listed on Coinbase are securities. The Nasdaq-listed firm has disputed any allegations that it lists crypto securities.
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