- Coinbase CEO Brian Armstrong said doing so could help start the process of rebuilding confidence in the commission
- Brian Armstrong posted a collection of the SEC's contradictory remarks over the years
- SEC chairman Gary Gensler has been criticised severally for what is deemed a war against crypto in the US
Brian Armstrong, the Chief Executive Officer (CEO) of United States-based cryptocurrency exchange, Coinbase, has said the next chairman of the US Securities and Exchange Commission (SEC) needs to apologise to Americans for the frivolous lawsuits the commission has institted against crypto exchanges in the past few years.
In an October 29 post on social media platform X, formerly Twitter, Armstrong said doing so could help start the process of rebuilding confidence in the commission.
“The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people,” he posted. “It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.”
Armstrong’s post contained a collection of the SEC's contradictory remarks over the years. The SEC's varying positions on whether digital assets like Bitcoin are securities, its authority to regulate cryptocurrency exchanges, and the clarity of current laws are some of these concerns.
SEC’s conflicting statements compiled by Brian Armstrong
The SEC has been in a running battle with crypto exchanges and its chairman, Gary Gensler, has been criticised severally for what is deemed a war against crypto in the US.
Gensler is expected to step down on the expiration of President Joe Biden’s tenure. Pundits believe Donald Trump, candidate of the Republican Party, will win the presidential election that holds in a few days.
Trump’s presidency will be crypto-friendly, as he has on several occasions said he will bring in policies that will be favourable to the crypto industry.
On the flip side, some pundits say Kamala Harris, the current vice president and candidate of the Democratic Party, will win the election.
However, both sides agree that, no matter who wins, Gensler will be gone.
The SEC has filed lawsuits against virtually all of the big crypto exchanges in the US, including Coinbase and Binance. The commission has had a long-running legal tussle with Ripple Labs.
Early this month, cryptocurrency exchange Crypto.com filed a lawsuit against the commission. The exchange said the goal of the lawsuit is to protect the future of the cryptocurrency industry in the country.
“This unprecedented action by our company against a federal agency is a warranted response to the SEC’s regulation by enforcement regime, which has hurt more than 50 million American crypto holders,” exchange's CEO and co-founder, Kris Marszalek explained. “And to use all regulatory tools available to bring certainty to the industry through proper rulemaking, Crypto.com has also filed a petition with the CFTC and SEC to confirm crypto derivative products categorization.”
Unlicensed USDT-Naira trading: How court convicted Nigerian crypto firm Official Gredo Limited
Meanwhile, TheRadar earlier reported that a federal high court in Nigeria’s capital, Abuja, has convicted an indigenous crypto firm, Official Gredo Limited, for unlicensed USDT-Naira trading.
The court found Official Gredo Limited guilty of illegally conducting transactions in stablecoin USDT and the Nigerian naira without obtaining a valid banking license from Nigerian authorities.
The trial judge, Justice Inyang Ekwo, also ordered the forfeiture of N140 million held in Official Gredo’s bank account to the federal government of Nigeria via the Economic and Financial Crimes Commission’s (EFCC) recovery account. The order was part of a plea bargain the firm reached with the prosecuting agency, the EFCC.
