Coinbase CEO Brian Armstrong is giving his version of what US crypto regulations should look like, just days after the U.S. Securities and Exchange Commission (SEC) sued the exchange.
In a new interview with the Wall Street Journal, Armstrong details his dream regulatory structure for crypto in the US.
According to Armstrong, the ideal regulatory framework sets boundaries for the roles of the SEC and the Commodity Futures Trading Commission (CFTC), while providing stipulations for investor protection.
“So the first one is we just need to get some clarity about the market structure and how the CFTC and the SEC are both going to regulate this industry. What are the boundaries? I think we also need to just bring in some basic consumer protection. It’s actually not rocket science. This is just applying some of these really basic common sense ideas to the industry.”
Armstrong says that once the US creates a framework for the crypto industry, the country will see a return of entrepreneurs who may have left due to the series of enforcement actions taken against the digital asset space this year.
“And then once we have that legislation in place, I think we’ll start to see some of the entrepreneurs who have left the US come back and say, ‘Okay, I feel that we’re not just going to be attacked randomly or have incredibly high legal bills at any given moment, and we can actually build a business here in the US again.’”
The SEC filed a lawsuit against Coinbase last week, accusing the exchange of “operating as an unregistered securities exchange, broker, and clearing agency.”
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