Skip to content
Bitcoin Trivia

Bitcoin Trivia

  • Home
  • News
  • Crypto
  • Analysis
  • Bitcoin
  • Contact
  • Toggle search form

Coinbase CEO Urges Congress to Pass Clear Crypto Legislation — Warns America Risks Losing Financial Hub Status

Posted on February 18, 2023 By Caden

Coinbase CEO Brian Armstrong has called on Congress to pass clear crypto legislation, warning that the U.S. risks losing its status as a financial hub. “Crypto is open to everyone in the world and others are leading,” the executive stressed.

Coinbase’s CEO on Cryptocurrency Regulation

The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has called on Congress to pass clear crypto legislation. He tweeted Wednesday:

America risks losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation.

“Crypto is open to everyone in the world and others are leading,” he added, mentioning the EU, the U.K., and Hong Kong.

Besides Armstrong, many people have complained that crypto regulation in the U.S. is not clear, making it difficult for companies to comply. However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has insisted that the law is clear and that most crypto tokens are securities.

Gensler has been criticized for taking an enforcement-centric approach to regulating the crypto industry. Recently, the securities watchdog took action against crypto exchange Kraken over its taking program. The commission also sent a Wells Notice to Paxos over stablecoin Binance USD (BUSD). On Thursday, it charged Terraform Labs and CEO Do Kwon with defrauding investors.

Coinbase has insisted that its staking services are not securities . Armstrong tweeted on Feb. 12: “Coinbase’s staking services are not securities. We will happily defend this in court if needed.” Moreover, Coinbase tweeted on Feb. 14:

We don’t know what aspects of BUSD might be of interest to the SEC. What we do know: stablecoins are not securities.

While the U.S. is tightening its regulation on crypto, several other jurisdictions are striving to become a cryptocurrency hub, including Singapore , Hong Kong , and South Korea’s second-largest city, Busan .

READ  Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits

The CEO of Kraken, Jesse Powell, also called on Congress to pass legislation on cryptocurrency after his exchange settled with the SEC and agreed to pay $30 million. “Congress must act to protect the domestic crypto industry and U.S. consumers who will now be going offshore to obtain services no longer available in the U.S.,” Powell wrote .

Do you agree with Coinbase CEO Brian Armstrong that the U.S. needs clear crypto regulation or the country risks losing its status as a financial hub? Let us know in the comments section below.

Brian Armstrong, Coinbase, Coinbase CEO, coinbase cryptocurrency, Crypto regulation, Regulation, United States, us crypto regulation Tags:Brian Armstrong, Coinbase, Coinbase CEO, coinbase cryptocurrency, Crypto regulation, Regulation, United States, us crypto regulation

Post navigation

Previous Post: South Korea’s Second-Largest City Aims to Become a Crypto Hub
Next Post: Helium Network Migration to Solana Blockchain in March Drives Significant Gains for SOL and HNT Tokens

Related Posts

  • Report: Korean Regulator Approves Issuance and Distribution of Security Tokens Eugene Investment & Securities
  • Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon business model
  • Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits ACH
  • Indian Authority Freezes 150 Bitcoins Held at Binance Crypto Exchange Binance
  • US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner Coindawg
  • El Salvador Approves Digital Assets Issuance Law Bitcoin City

Recent Posts

  • US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner
  • Crystal Blockchain Study Reveals $16.7 Billion in Crypto Assets Stolen Since 2011
  • Mike Novogratz Warns of Credit Crunch in US and Globally — Expects Fed to Cut Rates ‘Sooner Than We Think’
  • Bitcoin, Ethereum Technical Analysis: BTC Moves Briefly Back Above $25,000
  • Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits

Our Social

  • Pinterest
  • YouTube
  • LinkedIn
  • Twitter
  • Facebook
  • Terms and Conditions
  • Cookies Policy
  • Privacy Policy
  • Contact

FEED / RSS | Sitemap

  • Bitcoin (BTC)
  • Digital Currency
  • Central Bank
  • Bitcoin Price
  • Price
  • Altcoins
  • Analysis
  • Anonymous
  • Apps
  • APT
  • News
  • Crypto
  • Cryptocurrency
  • Market Updates
  • Regulation
  • Analysis
  • Cryptocurrencies
  • Bitcoin
  • Ethereum
  • Mining

Copyright © 2023 Bitcoin Trivia.