Coinbase CEO blasts SEC for lack of regulatory clarity in the U.S. and says it has driven out 95% of trading activity to offshore exchanges.
Coinbase CEO Brian Armstrong was not delighted with the news about the United States regulators looking into FTX.US along with Coinbase and Binance.US in the wake of the FTX crisis.
Armstrong said that the enforcement action against U.S.-based companies for the irregularities committed by an offshore crypto exchange that fall out of the jurisdictions of U.S. regulators makes no sense. Armstrong’s comments came in response to Senator Elizabeth Warren’s call for “aggressive enforcement” in the wake of the FTX crisis. The Coinbase CEO blamed the Securities and Exchange Commission for the lack of regulatory clarity in the U.S., which he believes drove out 95% of trading activity to offshore exchanges.The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors went offshore.
Compare that with Singapore which has a licensing framework, token taxonomy laid out, and much more. They can appropriately regulate crypto b/c they've done the work to define what “good” looks like, and know all tokens aren’t securities 2/2
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