Coinbase CEO wants next SEC chair to apologize for ‘damage’ done

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As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I can’t help but agree with Coinbase CEO Brian Armstrong’s call for accountability and transparency from the SEC. The inconsistent stance on Bitcoin and other digital assets has left many of us scratching our heads, and it’s high time for a change. I’ve seen too many projects die because of regulatory uncertainty, and it’s disheartening to see the potential of this industry being stifled by conflicting messages from the very institution tasked with protecting investors.

Brian Armstrong, the CEO of Coinbase, thinks it would be appropriate for the next leader of the U.S. Securities and Exchange Commission (SEC) to express regret to American citizens for the harm the agency has inflicted on the cryptocurrency sector.

On October 29th, Armstrong shared a collection of contrasting opinions expressed by the Securities and Exchange Commission (SEC) over the years. Topics covered in this mix include the SEC’s fluctuating viewpoint on whether digital assets such as Bitcoin (BTC) should be classified as securities, along with questions about the agency’s power to control crypto exchanges, and if current regulations are clearly defined.

As suggested by Armstrong, the future SEC chairman ought to express regret to the American public and abandon any unnecessary lawsuits. He thinks that although this won’t reverse the harm inflicted, it could help rebuild faith in the federal agency.

Coinbase CEO endorses Republican Senate candidates

With the upcoming U.S. election, Armstrong is backing senatorial candidates who are supportive of cryptocurrency. These include David McCormick, a previous CEO of Bridgewater Associates, as well as John Deaton, an advocate for XRP (XRP).

On October 20th, Armstrong expressed on platform X that McCormick is a more suitable choice for cryptocurrency enthusiasts residing in Pennsylvania. Additionally, on another post of X, he endorsed Deaton, who aims to challenge US Senator Elizabeth Warren’s position.

Armstrong stated that crypto investors in Massachusetts ought to understand that Warren is the person who secured Gary Gensler’s position as SEC Chair. He claimed that Warren persuaded Gensler to attempt, allegedly unlawfully, to suppress the crypto sector in the United States.

While Armstrong has endorsed Senate candidates, he has not yet backed a presidential candidate.

What a Trump win could mean for the SEC

It’s widely thought that, should ex-President Donald Trump secure victory in the next election, he might select an individual who is favorable towards cryptocurrencies to lead the Securities and Exchange Commission (SEC).

If re-elected on July 27th, Trump pledged to dismiss Gensler from office immediately and replace him with someone who advocates for building America’s future instead of hindering it.

On October 7th, it was reported that a former SEC official suggested Dan Gallagher, current chief legal officer of Robinhood, would be a suitable candidate for the role of chair at the securities regulator during the Trump administration. Gallagher joined Robinhood as their chief legal officer in 2020, and previously served as an SEC commissioner from 2011 to 2015.

Additionally, it’s speculated among past administrators that Donald Trump could potentially consider Robert Stebbins, former General Counsel at the Securities and Exchange Commission (SEC), Hester Peirce, a previous and current SEC Commissioner, or Chris Giancarlo, a commissioner and ex-chairman of the Commodity Futures Trading Commission (CFTC), for future roles.

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2024-10-29 12:51