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In a social media post on X this Monday, Coinbase CEO Brian Armstrong voiced strong criticism of the U.S. Securities and Exchange Commission (SEC) over its approach to regulating crypto. Brian Armstrong called for a shift in the agency’s leadership and strategy, saying that the next SEC chair should withdraw all frivolous cases and issue an apology to the American people. According to him, it won’t undo the harm caused, but it would be a step toward restoring trust in the SEC as an institution.
His comments reflect the growing frustration in the crypto industry, where many share Brian Armstrong’s view that the SEC’s actions toward digital assets are inconsistent and overly punitive.
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs
— Brian Armstrong (@brian_armstrong) October 29, 2024
Deep Dive Into Brian Armstrong Criticism on the SEC
A table shared by Brian Armstrong in the same X post highlights the SEC’s conflicting takes on key regulatory issues. For example, back in 2018, the agency said that a digital asset “all by itself is not a security,” yet in 2021, it was again suggested that digital assets “embody” investment contracts.
By 2024, the SEC’s stance shifted again, describing them as “computer code” one moment then “securities” in another. This back and forth appears as well in the question of whether Bitcoin is a security or not. Brian Armstrong, like many representatives of the industry, stresses that these confusing signals keep companies in “regulatory limbo” and hamper progress.
The SEC continues its legal battles with cryptocurrency companies, in this case Coinbase, illustrating the issues the most prevalent in the crypto industry in regards to regulators. In June 2023, the SEC filed a lawsuit against the exchange saying it was acting as an unregistered securities dealer.
Visa and Coinbase New Partnership to Enable Instant Crypto Buys with Debit Card
Visa has collaborated with Coinbase, for which users of eligible Visa debit cards can now make deposits and withdrawals instantly from their accounts at Coinbase. The partnership was announced on October 30 and aims to enhance the experience of millions of Coinbase customers.
This feature will enable customers in the United States and the European Union to now be able to get access to their funds instantly making the buying and selling of the cryptocurrencies a much easier process. Yanilsa Gonzalez Ore, the head of Visa Direct’s North America desk, said that this will enable Coinbase clientele to be able to capitalize on trading chances as they appear at any time of the day or night.
Clearer Regulations Make Collaborations Easier for Coinbase
From this year onward, the contours of the relationship between EU crypto businesses, such as Coinbase, and EU authorities have become clearer thanks to the introduction of the Markets in Crypto-Assets Regulation.
In the US, Coinbase and other significant players in crypto are attempting to divert political funding towards campaigns in the hope that the subsequent administration will adopt pro-crypto rhetoric. Visa has previously provided services to Coinbase facilitating users to make purchases using crypto with Visa merchants. The day before this information was revealed, Visa also partnered with FV Bank to develop solutions that work with crypto-backed debit cards.
All of these changes bring Visa and Coinbase closer together as they are developing new solutions for crypto clients and making transactions more seamless than before.
Recently, Brian Armstrong’s comments also raised interest in crypto regulation in the U.S., which is indeed overdue. His statement about the need for a change in SEC leadership illustrates the disappointment that the majority of the business has in relation to this body.
Meanwhile, this cooperation between Coinbase and Visa is an easy win moving towards the digitalisation of economists. There is no doubt that both the industry and their executives are working to simplify and broaden access to digital assets in the future.
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