Brian Armstrong declares war on the SEC: Coinbase's bold response
“We don’t need more digital currencies,” said Gary Gensler on CNBC. Is this why the SEC is targeting both Binance and Coinbase, which have hundreds of millions of crypto investors? In any case, the heads of these exchanges declare that they will respond to the SEC’s attacks.
Brian Armstrong stands up against the SEC
Following the SEC’s attack on Coinbase, its CEO, Brian Armstrong, issued a lengthy tweet on June 6 as a response.
“Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules.
Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to “come in and register” – we tried, repeatedly – so we don’t list securities. We reject the vast majority of assets we review.
3. The SEC and CFTC have made conflicting statements, and don’t even agree on what is a security and what is a commodity.
4. This is why the US congress is introducing new legislation to fix the situation, and the rest of the world is moving to put clear rules in place to support this technology.
Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it.
Btw, in case it’s not obvious, the Coinbase suit is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.
We’ll get the job done. In the meantime, let’s all keep moving forward and building as an industry. America will get this right in the end.”
CZ also expects a war
The dark clouds hanging over Binance have not gone unnoticed. From the upper echelons of the company, reactions have flooded the internet as a defiant response to the SEC.
CZ was the first to speak up. He has promised to maintain operations on Binance and expects cooperation with regulators.
However, given the level of aggression displayed by Gary Gensler and his entire team, Binance and Coinbase will certainly join the ranks of the SEC’s adversaries in court in the near future. At this stage, Ripple will advise them.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.