Coinspeaker
Coinbase CEO: Lack of Regulatory Clarity Pushed 95% of Trading Activities Offshore
Brian Armstrong, the CEO of Coinbase Global Inc (NASDAQ: COIN) has come out to criticize the regulatory authorities in the United States for failing to provide regulatory clarity, a situation that drives about 95% of trading activities offshore.
Armstrong’s comments come in response to a tweet from Senator Elizabeth Warren who said she will continue to push the United States Securities and Exchange Commission (SEC) to keep oversight on the industry in the wake of the collapse of the FTX Derivatives Exchange. In the Senator’s words quoting a report from the Wall Street Journal about the investigation into FTX, she said;
“The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I’m going to keep pushing @SECGov to enforce the law to protect consumers and financial stability.”
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