Coinbase CEO Brian Armstrong has explained that crypto regulation in the U.S. will happen in one of a few ways. He noted that Coinbase is seeing more institutional investors coming in and signing up as they seek “a flight to quality.” The executive added: “There’s a possibility we’ll just get a different SEC chair in 2024 or beyond.”
Brian Armstrong on Crypto Regulation
The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, discussed various topics, including crypto regulation and stablecoins, in an interview with Yahoo Finance on Friday.
Responding to a question about the timing and nature of crypto regulation in the U.S., the Coinbase boss described:
It’ll happen in one of a few ways. So, one way is the courts. The courts can be the one to provide the clarity regardless of the outcome of the case. Creating case law is a way to get there if the regulators aren’t going to provide it.
“Another way to do it is through Congress. Congress is very engaged in this now,” he stressed, noting that a few crypto bills are being considered in Congress. They include the FIT for the 21st Century Act and the Clarity for Payment Stablecoins Act.
Moreover, Armstrong noted that the Commodity Futures Trading Commission (CFTC) “could step up and assert more authority.” He opined:
I also think there’s a possibility we’ll just get a different SEC chair in 2024 or beyond.
The current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has been heavily criticized for taking an enforcement-centric approach to regulating the crypto industry. Despite Gensler’s repeated calls for crypto trading and lending platforms to come in and register with the regulator, Armstrong noted that Coinbase tried to comply, but the SEC has made it impossible to do so.
Regarding trading volumes on Coinbase, Armstrong revealed: “It’s come down a bit.” However, he emphasized: “But we’re not like unused to these cycles. So we see when prices go up, obviously, more retail interest. What’s interesting in this down market is that we’ve actually seen there’s been a kind of a flight to quality.” He continued:
So we are seeing more institutions come in and sign up, go through our onboarding process. And they’re not necessarily moving huge amounts of capital in yet, but they are onboarding.
Concerning the factors institutional investors are awaiting before investing substantial funds in crypto, the Coinbase boss opined: “Maybe it’s that blockchain has become more scalable, maybe some regulatory clarity, maybe a court case happens. And I think we’ll start to see different amounts of capital actually coming in at that point.”
What do you think about the statements by Coinbase CEO Brian Armstrong? Let us know in the comments section below.
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