Coinbase CEO urges next SEC chief to apologize for crypto crackdown

Описание: Coinbase CEO Brian Armstrong has issued a strong message to the future SEC Chair, urging them to reconsider "frivolous" lawsuits targeting crypto companies and issue a formal apology to the American people. Armstrong highlighted the regulatory chaos caused by the SEC’s inconsistent stance on digital assets, noting its classification shifts over the years. In 2018, the SEC stated that digital assets were not securities, only to declare the opposite in 2021, calling them investment contracts. Fast forward to 2024, and the agency reversed its position once more, saying they are “not securities” again. Bitcoin has faced similar fluctuations in classification, adding to the widespread uncertainty in the crypto space.

Beyond asset classifications, the SEC’s authority over crypto exchanges has been equally inconsistent. Initially, it claimed no regulatory power, then quickly asserted oversight authority, leaving companies and investors in a state of confusion. Armstrong insists that these conflicting directives have eroded public trust and hampered industry growth. An apology, he believes, would not only demonstrate accountability but also pave the way for clear, stable regulations.

Calls for change are gaining momentum, with several crypto advocates pushing for the replacement of SEC Chair Gary Gensler. Notably, Republican presidential candidate Donald Trump has committed to addressing the issue if he’s elected, reflecting the growing frustration within the crypto community. Armstrong’s stance highlights the need for transparency and stability in crypto regulation, signaling that the industry will continue to push for constructive change.

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