Coinbase CEO Brian Armstrong said the case will serve to gain regulatory clarity.
Armstrong recalled that in 2021 the SEC approved its listing on the stock market.
The executive director of Coinbase, Brian Armstrong, did not take long to respond to the lawsuit announced on June 6 by the United States Securities and Exchange Commission (SEC) against that bitcoin (BTC) and cryptocurrency exchange.
In a message posted on Twitter, Armstrong he pointed that the legal battle in US courts will serve to “obtain regulatory clarity” about the cryptocurrency ecosystem in the North American country. As he put it, he is “proud” to represent the crypto industry in court.
He also criticized that the SEC has adopted a “regulation by compliance” approach, which, in his opinion, “It’s hurting America.” “So if we need to use the courts to get that clarity, so be it,” he insisted.
Armstrong recalled that, in 2021, the US Securities and Exchange Commission reviewed Coinbase’s business, allowing them to become on one of the first exchanges to be listed on the Stock Exchange from New York.
He also questioned the “contradictory statements” that have been made by the SEC and the US Commodity Futures Trading Commission (CFTC). “They don’t even agree on what is a value and what is a commodity,” rebuked.
“This is why the US Congress is introducing new legislation to fix the situation, and the rest of the world is moving to establish clear rules to support this technology,” recalled Brian Armstrong.
“We trust our facts”
The Coinbase CEO clarified that the SEC’s lawsuit against his company focuses solely on the debate of what is and what is not a security. “And we trust our facts and the law,” he argued.
“We will do the job. In the meantime, let’s keep moving forward and building as an industry. The United States will do this well in the end,” the businessman estimated.
As reported by CriptoNoticias, the United States Securities and Exchange Commission sued the second largest cryptocurrency exchange in the world, Coinbase, alleging that this company allegedly violated federal securities laws.
Coinbase’s lawsuit comes a day after the SEC also took legal action against Binance, which is the largest cryptocurrency exchange on the market. It also accuses this exchange house of apparently infringing the regulations of the stock markets approved in 1933 and 1934respectively.