Coinbase CEO Announcing To Happily Defend His Exchange’s Staking In Court

Key Points:

• CEO Brian Armstrong’s comment follows Kraken’s settlement with the SEC regarding staking services.
• A Twitter account known as Jason Gottlieb has expressed his sense of disapproval about the SEC, saying that the SEC’s “all crypto projects have to do come in, and register” line is unbelievably insulting.

After Coinbase CEO Brian Armstrong used a Twitter thread to warn about what he said would be a “terrible path” for the U.S. The CEO has now increased the defense of his bitcoin exchange’s staking services.

According to his recent tweet on Sunday, he once again affirmed that Coinbase’s staking services are not securities, and “we will happily defend this in court if needed.”

Armstrong’s comments over the weekend came after rival exchange Kraken resolved a dispute with the US Securities and Exchange Commission earlier this week. Kraken agreed to pay a $30 million punishment for failing to register its “crypto asset staking-as-a-service program” offer and sale.

Besides, a Twitter account known as Jason Gottlieb has expressed his sense of disapproval about the SEC. According to him, the SEC’s “all crypto projects have to do is come in and register” line is unbelievably insulting.

It assumes there’s this vast quantity of sophisticated securities lawyers advising clients

If the new de facto rule is “crypto = no,” that rule has to come from Congress, or at least through an APA process. Not through enforcement. Going on CNBC to say that registration is “just a form on our website” is a painful misrepresentation of the registration process.

Previously, Coincu reported that shares of Coinbase had begun to fall after CEO Brian Armstrong stated on Wednesday that restricting crypto staking would be a bad path for US regulators. Having said that, Chief Legal Officer Paul Grewal stated that Coinbase’s staking services are different than Kraken’s.

Armstrong has stated that crypto firms should be encouraged to expand in the United States rather than being prevented from doing so.

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