June, the U.S. Securities and Exchange Commission sued Coinbase Global (COIN), alleging the company broke securities law by acting as an unregistered exchange, broker, and clearing agency. It was the one of the many actions by the SEC that has the crypto world frustrated by the agency. In an interview with Yahoo Finance, Coinbase Global CEO Brian Armstrong says his company has “good relationships” with SEC staff, but that “leadership there has taken a very hostile view towards crypto…regulation by enforcement posture instead of just engaging in rule making as they’re required to by law.” Armstrong believes ultimately the issues facing the company will be resolved. He also says it “would certainly help” the company someone other than Gary Gensler were leading the SEC. Despite the regulatory hurdles, Armstrong says Coinbase will stay in the U.S., but “we do look at everywhere around the world and we look for regulatory clarity, and that helps us prioritize our investments.” That being said, Armtrong says “Coinbase is gonna be a U.S. company with a multi-national reach.” Click here for more of Yahoo Finance’s coverage from the Goldman Sachs Communacopia + Technology Conference.
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35 Comments
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So USA will fall behind because can't trade shitcoins?
Your content is always so inclusive and diverse.
This is where the inevitable end of Coinbase will start. SEC will just keep on hitting them for not following regulation (in which they aren't) and slowly Coinbase is going to lose thousands of their users everyday. I give them a few months, tops.
Brian faced criticism because he's a poor CEO of a lackluster company. I'd like to praise Coinbase, but I can't. They've never prioritized users and are even selling their data. Why back that?
SEC is anti crypto!
Why not simply comply with regulations like other US crypto exchanges? Why remain unregistered? Is there an attempt to conceal illegal activities or the fact that their reserves may not exist? 👀
Trading volume has been steadily declining as users are leaving the exchange. It's not looking good, and with the massive losses they're facing, it seems Coinbase might go bankrupt sooner or later. 📉😬
Unfortunately, their revenue is down, and they're losing users. It's not surprising that Coinbase might face bankruptcy since the SEC investigation began. 🤔
Let's be honest, does anyone still trust Coinbase these days? I can't imagine anyone wanting to risk their money on CB with the SEC breathing down their necks.
The issue here is that Coinbase is seen as a major obstacle in the world of cryptocurrency. Cryptocurrency is meant to offer people the freedom to use their money without restrictions, yet Coinbase doesn't always align with that principle. They have a tendency to freeze withdrawals, particularly when the market gets turbulent. This, in essence, makes Coinbase a part of the problem rather than a solution in the world of crypto.
The SEC is still right though. 👍 Coinbase has been purposely violating the law and still is, and Coinbase knows about it. And tbh, the proceedings and the lawsuits would be good for Coinbase users. By that way, there wouldn't be another Celsius situation happening with Coinbase.
I'm not sure why so many people are supporting Coinbase when they're the ones who didn't comply with regulations. It's a bit challenging to trust an exchange that hasn't registered as required. Plus, if Coinbase truly is as innocent as they claim, it's puzzling why they're facing numerous lawsuits.
Coinbase is playing the victim card once more, but they're the ones who didn't adhere to regulations. It's time to consider shutting down Coinbase.
SEC is holding back America from catching up and passing the rest of the world!
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Correct me if I'm wrong but I imagine why they're going after Binance and Coinbase is because they're basically becoming banks in of themselves. Crypto is supposed to be decentralized, but these institutions are centralizing it and are by default becoming like crypto banks. I had experience with Nikon Johnson, My initial investment capital was 3btc but made 11btc as profit in just the first week of trade. It was very big for me considering the fact that i have lost money in the past trying to trade on my own.
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