Brian Armstrong, CEO of cryptocurrency exchange Coinbase, has called for an apology from the future chair of the U.S. Securities and Exchange Commission (SEC) for the perceived harm the agency has inflicted on the crypto sector.
Armstrong made his plea on October 29, accompanied by an archive of what he sees as conflicting SEC statements over the years. The issues highlighted include flip-flopping views on whether digital assets such as Bitcoin are securities, if it’s within the SEC’s jurisdiction to oversee crypto exchanges, and the clarity of existing laws on the matter.
The CEO believes that the forthcoming SEC chair should say sorry to the U.S. populace and drop all unsubstantiated lawsuits. While he acknowledges this is unlikely to reverse the harm caused, Armstrong insists it would boost confidence in governmental bodies.
In the lead-up to the approaching U.S. election, Armstrong has publicly supported pro-cryptocurrency Senate hopefuls. These include David McCormick, previous CEO of Bridgewater Associates, and pro-XRP advocate John Deaton.
He suggested to Massachusetts-based cryptocurrency holders that Senator Elizabeth Warren, who he alleges pushed current SEC Chair Gary Gensler to undermine the U.S. crypto industry, is not their friend. Armstrong refrained from endorsing any presidential candidate.
Should ex-President Donald Trump secure victory in the coming election, he will almost certainly select a more cryptocurrency-sympathetic SEC chair. Trump has in the past pledged to replace Gensler immediately if re-elected.
Previous SEC figures have suggested potential appointees including Robinhood’s chief legal officer; Dan Gallagher; former SEC General Counsel Robert Stebbins; SEC Commissioner Hester Peirce; and Chris Giancarlo, a Commissioner and ex-chair of the Commodity Futures Trading Commission.