Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.”
Coinbase’s CEO on Crypto Regulation
The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, mentioned his firm’s efficiency and cryptocurrency regulation throughout Coinbase’s Q2 earnings name Tuesday.
Coinbase’s income declined nearly 64% in the second quarter. The firm reported a $1.1 billion web loss, in contrast with $1.59 billion in web earnings in the similar quarter final 12 months. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase stated in its newest letter to shareholders.
Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support.”
He additionally talked about President Joe Biden’s government order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the U.K., Hong Kong, Brazil, and different markets.
Armstrong opined:
It’s type of unusual to say, however … in some methods, the extra regulation there’s for crypto, the higher it’s for Coinbase.
“We’re more than happy to engage with any regulators around the world who will take time to meet with us. We don’t see this as a bad thing. On the contrary, we believe it’s the best way to help the industry move forward,” he famous.
Armstrong on SEC’s Alleged Investigation of Coinbase
Addressing latest headlines that the U.S. Securities and Exchange Commission (SEC) could also be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC despatched Coinbase a “voluntary request for information,” together with particulars of its asset listings course of. He emphasised:
We don’t but know if this inquiry will change into a proper investigation.
Last month, the SEC charged a former Coinbase product supervisor in an insider buying and selling case and said that 9 crypto tokens listed on Coinbase are securities. The Nasdaq-listed firm has disputed any allegations that it lists crypto securities.
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