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 Change 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 International (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% in the second quarter. The corporate reported a $1.1 billion internet loss, in contrast with $1.59 billion in internet earnings in the identical quarter final 12 months. “Q2 was a check of sturdiness for crypto corporations and a posh quarter total,” Coinbase stated in its newest letter to shareholders.
Relating to cryptocurrency regulation, Armstrong detailed: “We’ve been happy to see the progress lately each in the U.S. and in nations all over the world towards extra clear laws for crypto. Within the U.S., there are a number of payments making their method via 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.Okay., Hong Kong, Brazil, and different markets.
Armstrong opined:
It’s form of unusual to say, however … in some methods, the extra regulation there may be for crypto, the higher it’s for Coinbase.
“We’re very happy to have interaction with any regulators all over the world who will take time to fulfill with us. We don’t see this as a foul factor. Quite the opposite, we consider it’s the easiest way to assist the business transfer ahead,” he famous.
Armstrong on SEC’s Alleged Investigation of Coinbase
Addressing current headlines that the U.S. Securities and Change 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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