Coinbase CEO Visits Washington To Push For Clearer New Rules Targeting The Crypto Industry

Key Points:

• Following enforcement steps this month against Kraken and Paxos, Coinbase CEO Brian Armstrong said he was in Washington to press for clearer regulations as industry uncertainty grows.
• The US authorities are recently setting new targets for the crypto industry.

Coinbase CEO Brian Armstrong is trying to clarify crypto regulations with an impact on US authorities.

Following enforcement moves this month against Kraken and Paxos, Coinbase CEO said he was in Washington, D.C., today to fight for clearer regulations amid growing uncertainty in the industry.

He also said that there should be more low-sugar alternatives in the Senate cafeteria.

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

Previously, Armstrong claimed to have received whispers that the U.S. Securities and Exchange Commission wants to prohibit ordinary investors from participating in cryptocurrency staking, the revenue-generating strategy at the heart of operating blockchains like Ethereum.

Recently with the strict regulation of the SEC with the issuance of a penalty for the Kraken exchange as well as warning Paxos, the issuer of stablecoin BUSD, the crypto community is waiting for “signals” from the authorities. This is an issue affecting later “limits” to the services of exchanges.

Following the lawsuit filed last Thursday, crypto exchange Kraken will “immediately” terminate the platform’s crypto staking service for U.S. customers and pay $30 million to settle the claims fees charged by the SEC for which they have offered unregistered securities.

The SEC’s enforcement staff also sent Paxos a letter known as a Wells notice, which the agency uses to notify corporations and individuals of a potential enforcement action. The notice alleges that Binance USD, a digital asset that Paxos issues and lists, is unregistered security.

Even Changpeng Zhao, CEO of Binance, has spoken out about the issue of BUSD being seen as an unregistered security.

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Harold

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