{"id":529033,"date":"2023-04-28T08:41:13","date_gmt":"2023-04-28T08:41:13","guid":{"rendered":"https:\/\/wncen.com\/?p=529033"},"modified":"2023-04-28T08:41:15","modified_gmt":"2023-04-28T08:41:15","slug":"why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\/","title":{"rendered":"Why Coinbase CEO Believes SEC’s Crypto Warning Is Harmful To The US"},"content":{"rendered":"

Coinbase Global and the US Securities and Exchange Commission have been at loggerheads\u00a0for some time, and on Friday, Coinbase CEO Brian Armstrong released a video message calling the SEC’s warning “not constructive” and “not good for America.”<\/p>\n

The friction\u00a0between Coinbase and the SEC is part of a bigger attempt by the US government to regulate the cryptocurrency sector. SEC Chair Gary Gensler has called for cryptocurrency exchanges to register with the agency, which is the source of the animosity between Coinbase and the SEC.<\/p>\n

This warning<\/a> was issued by Armstrong in response to a Wells Notice that was delivered to Coinbase a month ago. The Wells Notice stated that the staff of the SEC had formed a “preliminary determination” to suggest an enforcement action for Coinbase for violating federal securities laws.<\/p>\n

Coinbase CEO Opens Up On SEC’s Hardline Crypto Stance<\/strong><\/h2>\n

In response to the Wells notice, Coinbase, the largest cryptocurrency exchange in the United States by volume, filed a letter to the SEC arguing that the regulator’s staff’s legal arguments are “flawed and untested” and that an enforcement action “would present major programmatic risks to the commission.”<\/p>\n

While Armstrong made it clear in his video that he was ready to take on the SEC in court, Coinbase’s written response<\/a> to the SEC claimed that the agency’s threat of litigation “appears intended to pressure” the organization into agreeing with the SEC’s position that all cryptoassets on the Coinbase platform are securities.<\/p>\n

Coinbase Lawyer Says They’re Ready To Cooperate With SEC<\/strong><\/h2>\n

Also featured in the video was Coinbase’s chief legal officer, who indicated the company was ready to visit the SEC at any time to create a feasible future for the cryptocurrency industry in the United States.<\/p>\n

In the 14 days since 2023 rolled in, the SEC has taken action against crypto entities and individuals with 14 separate orders of enforcement. Crypto staking schemes offered by other exchanges including Bittrex and Kraken have also been accused of offering the sale of unregistered securities.<\/p>\n

Coinbase has responded by saying it will oppose any regulation of its own staking scheme, which is distinct from Kraken’s.<\/p>\n

Despite claims from the SEC staff that Coinbase’s staking services constitute investment contracts, Coinbase maintains that it does not list, clear, or affect trading in securities through its platform.<\/p>\n

<\/p>\n

BTCUSD halfway through the $30K mark, currently trading at $29,485 on the daily chart at TradingView.com<\/a><\/pre>\n
Related Reading:  Binance CEO Denies As \u2018Wrong\u2019 His Inclusion In Bloomberg\u2019s Wealthiest People List<\/a><\/div>\n
The Elusive Middle Ground<\/strong><\/h3>\n
Meanwhile, even while Coinbase’s share price is still down 82% from its IPO in April 2021, it was up more than 53% since the beginning of January.<\/p>\n
Regulatory bodies and industry participants alike are struggling to find a middle ground between fostering innovation and ensuring the safety of the cryptocurrency market, and the ongoing conflict between Coinbase and the SEC is a microcosm of this broader fight.<\/p>\n
While the final resolution of this issue is still up in the air, it highlights the importance of maintaining open lines of communication and working together among all necessary parties to promote the success of the crypto business in accordance with applicable laws and regulations.<\/p>\n
-Featured image from Coinpedia<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Coinbase Global and the US Securities and Exchange Commission have been at loggerheads\u00a0for some time, and on Friday, Coinbase CEO Brian Armstrong released a video message calling the SEC’s warning “not constructive” and “not good for America.” The friction\u00a0between Coinbase and the SEC is part of a bigger attempt by the US government to regulate the cryptocurrency sector. SEC Chair Gary Gensler has called for cryptocurrency exchanges to register with the agency, which is the source of the animosity between Coinbase and the SEC. This warning was issued by Armstrong in response to a Wells Notice that was delivered to Coinbase a month ago. The Wells Notice stated that the staff of the SEC had formed a “preliminary determination” to suggest an enforcement action for Coinbase for violating federal securities laws. Coinbase CEO Opens Up On SEC’s Hardline Crypto Stance In response to the Wells notice, Coinbase, the largest cryptocurrency exchange in the United States by volume, filed a letter to the SEC arguing that the regulator’s staff’s legal arguments are “flawed and untested” and that an enforcement action “would present major programmatic risks to the commission.” While Armstrong made it clear in his video that he was ready to take on the SEC in court, Coinbase’s written response to the SEC claimed that the agency’s threat of litigation “appears intended to pressure” the organization into agreeing with the SEC’s position that all cryptoassets on the Coinbase platform are securities. Coinbase Lawyer Says They’re Ready To Cooperate With SEC Also featured in the video was Coinbase’s chief legal officer, who indicated the company was ready to visit the SEC at any time to create a feasible future for the cryptocurrency industry in the United States. In the 14 days since 2023 rolled in, the SEC has taken action against crypto entities and individuals with 14 separate orders of enforcement. Crypto staking schemes offered by other exchanges including Bittrex and Kraken have also been accused of offering the sale of unregistered securities. Coinbase has responded by saying it will oppose any regulation of its own staking scheme, which is distinct from Kraken’s. Despite claims from the SEC staff that Coinbase’s staking services constitute investment contracts, Coinbase maintains that it does not list, clear, or affect trading in securities through its platform. BTCUSD halfway through the $30K mark, currently trading at $29,485 on the daily chart at TradingView.com Related Reading: Binance CEO Denies As \u2018Wrong\u2019 His Inclusion In Bloomberg\u2019s Wealthiest People List The Elusive Middle Ground Meanwhile, even while Coinbase’s share price is still down 82% from its IPO in April 2021, it was up more than 53% since the beginning of January. Regulatory bodies and industry participants alike are struggling to find a middle ground between fostering innovation and ensuring the safety of the cryptocurrency market, and the ongoing conflict between Coinbase and the SEC is a microcosm of this broader fight. While the final resolution of this issue is still up in the air, it highlights the importance of maintaining open lines of communication and working together among all necessary parties to promote the success of the crypto business in accordance with applicable laws and regulations. -Featured image from Coinpedia<\/p>\n","protected":false},"author":557,"featured_media":529035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[5888,1393,6664,3799],"class_list":["post-529033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brian-armstrong","tag-coinbase","tag-crypto","tag-sec"],"acf":[],"yoast_head":"\nCoinbase CEO Believes SEC's Crypto Warning Is Harmful To US<\/title>\n<meta name=\"description\" content=\"Coinbase Global and the US Securities and Exchange 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Coinbase CEO Believes SEC’s Crypto Warning Is Harmful To The US","url":"http:\/\/wncen.com\/news\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-84.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-84.png?fit=664%2C354"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["brian armstrong","coinbase","crypto","sec"],"dateCreated":"2023-04-28T08:41:13Z","datePublished":"2023-04-28T08:41:13Z","dateModified":"2023-04-28T08:41:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Coinbase CEO Believes SEC’s Crypto Warning Is Harmful To The US\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-84.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-84.png?fit=664%2C354\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"brian armstrong\",\"coinbase\",\"crypto\",\"sec\"],\"dateCreated\":\"2023-04-28T08:41:13Z\",\"datePublished\":\"2023-04-28T08:41:13Z\",\"dateModified\":\"2023-04-28T08:41:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-84.png?fit=664%2C354","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529033"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=529033"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/529035"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=529033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=529033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=529033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}