Coinbase’s CEO Brian Armstrong has now been embroiled in a range of different legal skirmishes with the SEC over their approach to regulation of the crypto markets.
From the SEC’s complaints in 2021 to their earn products being designated a security, to their staking programmes being designated as a security in 2023.
Now, Coinbase’s CEO Brian Armstrong is once more asking the SEC for clarity, and lamenting the fact that the regulatory framework is so unclear that it is almost impossible to abide by, and the SEC appears to be taking a policy of “legislation by litigation”.
Coinbase accused of insider trading
Perhaps the most serious charge that the SEC has levied against Coinbase thus far is that of insider trading, but Coinbase has now filed an Amicus to dispute this.
The reason they believe that they are not guilty of the insider trading of securities is because the assets listed on their platform are not securities.
This has been a large point of contention for several figures in the crypto space, with the most significant case currently going through the courts being the SEC’s case against Ripple for their sale of XRP.
Coinbase reiterates their plea for clearer regulation
Once again, Coinbase has asked the SEC to ensure that the rules are as clear as possible, so that they can abide by the laws and behave in a perfectly compliant manner.
In a recent podcast on Bankless, Brian Armstrong explained how he believes the overwhelming majority of exchange CEOs are willing to abide by the laws, and only wish that the rules themselves were clearer.
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