“The more regulation on cryptocurrencies, the better for Coinbase,” said Coinbase CEO Brian Armstrong. He revealed an investigation by the U.S. Securities and Exchange Commission (SEC), noting that “We don’t yet know if this investigation will become a formal investigation.”
Coinbase’s Crypto Regulatory CEO
Coinbase Global (NASDAQ: COIN) CEO Brian Armstrong discussed his company’s performance and cryptocurrency regulation during Coinbase’s second-quarter earnings call on Tuesday.
Coinbase’s revenue fell nearly 64% in the second quarter. The company reported a net loss of $1.1 billion, compared with net income of $1.59 billion a year earlier. In its latest letter to shareholders, Coinbase said: “Q2 was a test of the durability of crypto companies and a complex one.”
Regarding cryptocurrency regulation, Armstrong elaborated: “We are pleased to see the recent progress towards clearer cryptocurrency legislation in the U.S. and around the world. In the U.S., there are a few bills Passed Congress with strong bipartisan support. “
He also mentioned President Joe Biden’s executive order Regarding crypto, the EU’s crypto asset market (Mika) regulation and “positive developments” in Australia, UK, Hong Kong, Brazil and other markets.
Strange to say, but… in some ways, the more regulation of cryptocurrencies, the better for Coinbase.
“We are very happy to engage with any regulator around the world who is willing to take the time to meet with us. We don’t think that’s a bad thing. Rather, we think it’s the best way to help the industry move forward,” he noted.
Armstrong on SEC investigation of Coinbase
Addressing recent headlines that the SEC may investigation Coinbase Regarding its cryptocurrency listing, Armstrong revealed that the SEC sent Coinbase a “voluntary request for information” in May, including details of its asset listing process. He emphasized:
We don’t yet know if this investigation will become a formal investigation.
Last month, the SFC charged Nine crypto tokens listed on Coinbase are securities, a former Coinbase product manager said in an insider trading case.The Nasdaq-listed company has dispute Any allegations that it lists crypto securities.
What do you think of Coinbase CEO Brian Armstrong’s comments? Let us know in the comments section below.
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