Brian Armstrong: "The US SEC has embarked on a lonely crusade against cryptocurrencies"

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CEO of Americancryptocurrency exchange Coinbase criticized the US Securities and Exchange Commission (SEC) for its overly strict approach to regulating the crypto industry.

Brian Armstrong in an interviewstated that Congress and other federal agencies are seeking to clarify the regulation of cryptocurrencies, and only the SEC’s position is fundamentally different from other departments. SEC Chairman Gary Gensler is trying to regulate the crypto industry using an anti-cryptocurrency approach, and the reason for this is still unknown, Armstrong is indignant. According to the businessman, the official is not so much trying to control the industry as limiting it, given the number of lawsuits filed by the SEC against crypto companies.

“The general opinion of the US federal authorities is thatthat there needs to be a clear set of rules for cryptocurrencies, and this will require new legislation from Congress. The SEC stands out here: it went on a lonely crusade with Gensler,” Armstrong quips.

The CEO of Coinbase concluded thatLitigation with the regulator turned out to be futile for the industry. However, Blockchain Association policy director Jake Chervinsky believes that crypto companies have a chance to win the fight against the SEC through the judiciary.

Recently, a Coinbase executive said that despite expanding business overseas due to uncertainty over cryptocurrency regulation, the exchange is still committed to the US market.