Coinbase CEO Meets SEC Amid Moving Offshore Reports; What’s Happening?

CEO Brian Armstrong To Sell His 2% Stake In Coinbase crypto news

Coinbase News: Coinbase, US biggest crypto exchange is reportedly seeking to move offshore as the Securities and Exchange Commission fails to provide clear rules for the crypto industry. However, it looks like Coinbase is not cutting the chase here as it is gearing up for a long legal battle ahead.

Also Read: Coinbase Set To Launch Base Mainnet Within 2023

Coinbase Plans To Go Against SEC

Brian Armstrong, Coinbase CEO in a tweet highlighted a special meeting with the US SEC. He stated that the crypto exchange we’ll continue to push for a clear rule book in the U.S. for crypto firms. This development comes in when the financial regulator severed the crypto exchange with a “Wells notice” regarding listing of several digital assets, staking and wallet services.

Armstrong added that the U.S. can’t afford to lose this chance to update the financial system. However, it is important for regulators to set policy right and then move to enforce it. He added that this is the apt point where congress needs to step in.

The meeting between Coinbase boss and the commission comes after his recent summit with some members of congress. Coingape reported Armstrong stated that the SEC has caused untold harm to the nation with its policies. He intended that the crypto industry needs to fight back.

Also Read: U.S. SEC Cracks Down On Crypto Firm, Secures Historic $2.8 Mn Settlement

However, Armstrong left a message that he is flying back to the west coast to focus on improving products.

The best thing we can do for policy is drive utility and make crypto more useful, growing from a couple hundred million crypto users to a billion (as an industry). It’s time to build!, Coinbase CEO wrote

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Ashish Kumar