Armstrong believes that the future of crypto can be best propelled when more pro-crypto legislators are at the helm of affairs.
Brian Armstrong, CEO of US publicly listed trading platform, Coinbase Global Inc (NASDAQ: COIN) is advocated For more inclusive representation of pro-crypto individuals in American politics. Speaking at a Twitter Space event, Armstrong called on crypto supporters to “contact your congressmen, donate to pro-crypto candidates, show up at town halls”.
The comments follow the move by the United States Securities and Exchange Commission (SEC) to send a Wells notice to the trading platform, implying that a regulatory action is underway. According to Armstrong, the exchange will start sponsoring pro-crypto candidates in the US elections.
The Coinbase CEO said, “What we’re going to do is start putting out content where people can contact their congressmen, donate to pro-crypto candidates, show up at town halls, share their You can hear the sound.” This country is going to elect pro-crypto candidates to make sure our success is assured.
It is unclear whether the US SEC will take any legal action against the exchange, however, the regulator’s move represents a similar step that has been taken against industry player Paxos Trust. For Coinbase, the SEC needs to be put in its place as it takes regulatory action based on the guidelines it normally has failed to provide.
Coinbase has been very vocal in calling out the SEC for its regulatory approach and style. The exchange, although publicly traded and regulated by the SEC, has had to look over its shoulders on some of its products, including Coinbase Earn, its staking services, and some token listing services.
It had to delist XRP back in 2021 after the SEC filed the industry’s biggest ever lawsuit against blockchain payments firm Ripple Labs Inc in order not to fall in the regulator’s crosshairs.
Coinbase To Fight For Crypto Through Politics
Coinbase’s new approach to getting into politics represents one of the exchange’s last resort after following Controversy Back in 2020, when Armstrong stopped mixing politics with business, so did some of its employees and industry leaders. Some employees left the company at the time, Coinspeaker reported.
With the new stance, Armstrong is emphasizing how he believes the future of crypto can be taken forward when more pro-crypto lawmakers are on top of matters. The SEC’s actions continue to elicit a backlash from industry leaders in all futile attempts to get them to sit at the negotiating table with the regulator.
Sheila Warren, CEO of the Crypto Council for Innovation, told Cointelegraph, “An appalling amount of resources and brainpower has been spent in the US trying to engage with this SEC and attempt to create substance and pathos from the comments released by the agency.” Its being done.” “Are we really going to allow one agency in America to dictate the entire trajectory of an innovation for an entire country, especially if that agency refuses to engage with the industry it’s trying to regulate?” Is?”
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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