{"id":343517,"date":"2021-09-24T05:02:33","date_gmt":"2021-09-24T02:02:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong\/"},"modified":"2021-09-24T05:02:33","modified_gmt":"2021-09-24T02:02:33","slug":"sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong\/","title":{"rendered":"#SEC was the only regulator not willing to meet with Coinbase: Brian Armstrong:"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf2d80f751\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf2d80f751\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong\/#Crypto_goes_to_Washington\" >Crypto goes to Washington<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#SEC was the only regulator not willing to meet with Coinbase: Brian Armstrong:<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNTQ3MzYwM2EtOGQyMC00NzY3LTgzYmUtNTgzMThkOWIzMDkxLmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                Coinbase CEO Brian Armstrong has stated that SEC won\u2019t meet with the firm, while asserting the 50% of Washington officials are concerned over the risks of crypto. \n                &lt;p&gt;Coinbase CEO Brian Armstrong claims that the U.S. Securities and Exchange Commission (SEC) is the only government branch that is not willing to meet with the firm.\n<\/code><\/pre>\n<p>Speaking on Anthony Pompliano\u2019s Best Business Show on Sept. 24, Armstrong <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=eg23BCWHUZ4\">said<\/a> that during his visit to Washington after Coinbase went public in April, the SEC was the \u201conly regulator\u201d that refused to meet with him:<\/p>\n<blockquote><p>\u201cI reached out to the SEC. I tried to get a meeting with them. They told me that they weren&#8217;t meeting with any crypto companies.\u201d<\/p><\/blockquote>\n<p>\u201cI was kind of surprised by that because there are so many different regulators out there. Every single one has been willing to meet with us and every other branch of government,\u201d he added.<\/p>\n<p>Armstrong highlighted his firm\u2019s issues with the SEC\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach earlier this month, when he revealed the enforcement body had threatened to sue the firm if it launched a USD coin (USDC) lending program that offered 4% annual yields. Despite other firms already offering similar services, he said the SEC refused to give the green light as they deemed the program to be a security but provided no explanation on how it came to that conclusion. <\/p>\n<p>During the interview with Pomp, the Coinbase CEO noted that the SEC has not changed its tune since then, and said they hadn\u2019t even placed a phone call to the firm. Armstrong asked:<\/p>\n<blockquote><p>\u201cHow are they protecting consumers in this case? I think a lot of consumers demonstrably have wanted to earn higher yields on their savings accounts. They&#8217;re not really getting those products from the existing financial services.\u201d<\/p><\/blockquote>\n<p>\u201cSo that was one open question. And then the second one was how are they creating a level playing field?\u201d he added. <\/p>\n<p>Armstrong said Coinbase had considered taking the SEC to court but decided that it was not worth a lengthy legal battle, not least because \u201cthere&#8217;s a lot of deference given to regulators in the court system.\u201d <\/p>\n<p>The firm has now walked back its plans to launch the program, and will instead sit on the sidelines until the regulatory landscape around crypto lending services become more transparent: <\/p>\n<blockquote><p>\u201cWe&#8217;re going to wait and see what the SEC does in terms of the other products that are out there already in the market where it&#8217;s not a level playing field today.\u201d<\/p><\/blockquote>\n<p>\u201cI think we want to also just focus our efforts on maybe even more important things happening in crypto, like the questions around which of these tokens are securities and how is DeFi going to be used?\u201d he added. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_goes_to_Washington\"><\/span>Crypto goes to Washington<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On the subject of how policy makers view crypto, Armstrong said there\u2019s a 50\/50 split in Washington between people who think it\u2019s risky and people who see the opportunity the sector provides:<\/p>\n<blockquote><p>\u201cYou know, 50% of the people I talked to in DC, roughly, they&#8217;re still thinking of crypto as a risk. They think this is scary. This is dangerous. They have all kinds of misconceptions in their head about the  percentage of activity that&#8217;s for illicit activity.\u201d<\/p><\/blockquote>\n<p>\u201cSo that&#8217;s probably half the people I meet in D.C. and the other half, they realize that this is actually a huge opportunity,\u201d he added.<\/p>\n<p>Armstrong also appeared at TechCrunch Disrupt conference on Sept. 22 and revealed that Coinbase is preparing a draft regulatory framework that it will put <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/techcrunch.com\/2021\/09\/22\/coinbase-to-propose-a-federal-regulatory-framework-for-crypto-to-u-s-officials-within-the-next-month\/\">forward<\/a> to U.S. lawmakers next month. The firm is hoping to be an \u201cadvisor\u201d that can advocate for \u201csensible regulation\u201d, with Armstrong noting that regulators have asked the firm multiple times for a crypto proposal. <\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#SEC was the only regulator not willing to meet with Coinbase: Brian Armstrong:&#8221; Coinbase CEO Brian Armstrong has stated that SEC won\u2019t meet with the firm, while asserting the 50% of Washington officials are concerned over the risks of crypto. &lt;p&gt;Coinbase CEO Brian Armstrong claims that the U.S. Securities and Exchange Commission (SEC) is the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":343518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNTQ3MzYwM2EtOGQyMC00NzY3LTgzYmUtNTgzMThkOWIzMDkxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-343517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/343517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=343517"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/343517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/343518"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=343517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=343517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=343517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}