Coinbase CEO Brian Armstrong has called for the next US Securities and Exchange Commission (SEC) chair to address the agency\u2019s perceived inconsistencies in its approach to digital assets.<\/p>\n
Armstrong\u2019s criticism stems from the securities regulator\u2019s shifting stance throughout the years which has caused frustration within the community.<\/p>\n
His tweet<\/a>, which accompanied a compilation of conflicting SEC statements on the issue, argued that the new chair should \u201cwithdraw all frivolous cases and issue an apology to the American people.\u201d Armstrong laid out several examples of the SEC\u2019s evolving position.<\/p>\n In 2018, the SEC stated that a digital asset \u201call by itself is not a security.\u201d However, in 2021, the regulator declared that a digital asset \u201cembodi(es)\u201d and \u201crepresents the investment contract.\u201d This is followed by three contradictory statements in 2024 alone.<\/p>\n For instance, in February 2024, the SEC stated a digital asset is \u201cjust computer code.\u201d Then, five days later, it said the digital asset \u201citself \u2018represents the investment contract.’\u201d Finally, eight months later, the SEC declared the digital asset \u201citself \u2018is not\u2019 the security.\u201d<\/p>\n The agency has also been inconsistent in determining whether Bitcoin is considered a security. In 2023, it stated that \u201c(T)he SEC has never claimed (Bitcoin) is a security.\u201d However, in 2024, the agency asserted \u201cMaybe \u2018(T)here\u2019s not an answer.’\u201d Notably, just four days later, it took yet another stance, proclaiming \u201c\u2018(T)hat\u2019s not a security.’\u201d<\/p>\n The Coinbase CEO\u2019s demand for an apology and withdrawal of \u201cfrivolous cases\u201d reflected a broader sentiment within the community, which has long accused the SEC of overreach and a lack of clarity in its regulatory approach. Armstrong believes that restoring trust in the agency is crucial, as the damage done to the country\u2019s financial landscape cannot be easily undone.<\/p>\n The comments come at a crucial moment, with the US presidential election just around the corner. The Democrats have developed a reputation for their hostility towards cryptocurrency, an approach that many fear could undermine the US dollar\u2019s status as the world\u2019s dominant global reserve asset. Throughout her presidential campaign, Kamala Harris<\/a> has made very few remark<\/a>s<\/a> on crypto-related issues.<\/p>\n On the other hand, Donald Trump has managed to curry favor with the crypto community this year. Most recently, he pledged to terminate Gensler\u2019s tenure on his first day if re-elected and vowed to appoint a chair who believes that America should \u201cbuild the future, not block the future.\u201d<\/p>\n The post Coinbase Chief Demands Accountability from Future SEC Chair Over \u2018Frivolous\u2019 Crypto Cases<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Coinbase CEO Brian Armstrong has called for the next US Securities and Exchange Commission (SEC) chair to address the agency\u2019s perceived inconsistencies in its approach to digital assets. Armstrong\u2019s criticism stems from the securities regulator\u2019s shifting stance throughout the years which has caused frustration within the community. SEC\u2019s Contradictions on Crypto His tweet, which accompanied […]<\/p>\n","protected":false},"author":0,"featured_media":17375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17374"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17374"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17375"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Shift in Leadership with Election Looming<\/h2>\n