Coinbase CEO Brian Armstrong says it would help if Gary Gensler was no longer SEC Chair
- Coinbase CEO says that one way the exchange’s dispute with the SEC could get resolved is if Gary Gensler is replaced as the regulator’s chair.
- Brian Armstrong condemned the SEC’s hostile view towards crypto, in an interview with Yahoo Finance.
- Coinbase’s Chief Legal Officer was quoted as saying law that picks winners and losers is bad, in the context of the SEC vs. Coinbase lawsuit.
Coinbase CEO Brian Armstrong and Chief Legal Officer Paul Grewal are both optimistic on the dismissal of the Securities & Exchange Commission’s (SEC) lawsuit against the crypto exchange platform. The SEC alleges that Coinbase is breaking federal securities laws by operating as an unregistered broker exchange and clearing agency.
In a recent interview with Yahoo Finance, CEO Armstrong voiced his concerns on Gary Gensler’s position as SEC Chair and said that the dispute with the regulator could be tackled if someone else was in the seat, likely in 2024.
Also read: LBRY plans to appeal ruling that considered LBC token a security
Coinbase’s dispute with the SEC could have been resolved on this condition
Coinbase executives have been vocal about their dissent with the SEC “regulation by enforcement” approach and Chair Gary Gensler’s hostile view on crypto. In a recent tweet, Coinbase's Chief Legal Officer Grewal said that “law that picks winners and losers is bad, law that picks them before the game is played is even worse.”
Law that picks winners and losers is bad. Law that picks them before the game is played is even worse.
— paulgrewal.eth (@iampaulgrewal) September 8, 2023
Grewal’s jibes at “law and games played” are in the context of the SEC vs. Coinbase lawsuit and the exchange believes that the regulator is attempting to stifle crypto innovation in the United States. Coinbase has called on the court to dismiss the SEC’s lawsuit against the exchange platform.
In his recent interview with Yahoo Finance, Brian Armstrong said that one way Coinbase’s dispute with the US financial regulator could get resolved is if someone else replaces the agency’s chair Gary Gensler. Armstrong said that maybe this would happen in 2024, either way it would “certainly help” the exchange platform in its dispute with the SEC.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
