Coinbase CEO Brian Armstrong defends his firm’s position and the broader cryptocurrency sector in a bloomberg live Interview Today.
Armstrong’s comments come in response to a recent lawsuit from the Securities and Exchange Commission (SEC) and as the US government ramps up its clampdown on the world’s largest cryptocurrency exchange, Binance.
Armstrong made it clear that SEC Chairman Gary Gensler’s view that most crypto assets are securities is not representative of the US government’s overall view.
“I want to make an important point that the SEC chairman may have a certain point of view, but it is not representative of the entire US government,” Armstrong said. He spoke with:
“When I meet with members of Congress, I think the broad consensus among probably 80% of the people I talked to from both sides of the aisle is that … we don’t know what this technology is really going to become. “
Armstrong further argued that while the future of the technology is still uncertain, the need for clear legislation is critical, especially given the progress being made by major financial centers around the world.
Armstrong stressed the importance of consumer protection in the crypto industry and the application of “some basic good ideas around AML/KYC and audited financial statements.”
The CEO emphasized the need for a clear market structure so that businesses can better understand the regulatory environment and which agencies they should engage with with respect to specific types of assets.