Brian Armstrong, the CEO of Coinbase, has urged the cryptocurrency community to back and vote for politicians who support crypto in the upcoming elections in the US.
Coinbase CEO Makes Clarion Call Ahead Of US Elections
The cryptocurrency sector is encountering significant uncertainty regarding regulations in the US, particularly in light of recent actions taken by the SEC against Coinbase, a major crypto exchange operating in the country.
As a result of this situation, Armstrong has advocated for greater political engagement by the cryptocurrency community. The crypto entrepreneur encouraged them to back candidates and legislators who support the industry.
He noted that such individuals could contribute to establishing a regulatory framework that fosters innovation and favorable conditions for the sector. During a recent Twitter Spaces event, Armstrong expressed his belief that the SEC is exhibiting hostility and a lack of transparency toward innovation in the cryptocurrency sector.
Thus, the financial watchdog is contributing to an unfavorable regulatory environment for the industry. In addition, Armstrong encouraged crypto advocates to engage with their elected representatives, contribute to the campaigns of candidates who support the industry, participate in community events, and make their opinions known.
“Our objective is to elect candidates in this country who support cryptocurrency to guarantee the industry’s continued success,” Armstrong noted. Meanwhile, the CEO’s appeal for action reflects the increasing viewpoint that financial regulators in the US, including the SEC, are unsupportive of crypto innovation and adoption.
Besides, numerous crypto enthusiasts contend that the US should strive to match nations (such as El Salvador, Singapore, and Switzerland) with more transparent and favorable regulatory structures for the crypto industry.
SEC’s Latest Wells Notice Sparks Debate In The Crypto Sector
Crypto advocates maintain that the technology does not pose a risk to conventional finance but rather presents a chance to construct more transparent, comprehensive, and efficient financial systems. However, US officials believe the industry requires well-defined and steady regulations from regulators to flourish.
On March 22nd, Coinbase revealed that the US SEC had sent it a Wells, an official notification of the agency’s intention to take action against the firm for regulatory breach. The notice pertains to several of Coinbase’s products, including its spot market, wallet, and staking service.
The crypto exchange stated that it was taken aback by the SEC’s action. Coinbase asserts that it had communicated with the regulator for many months and sent extensive information on its products and services to the commission.
Additionally, the firm reported that it had not received any clear direction or explanation from the SEC regarding which rules or laws it might have violated. The exchange’s decision to pursue political action illustrates the gravity of the current circumstances for the cryptocurrency industry in the US.
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