• Coinbase CEO Brian Armstrong addressed the current regulatory approach enforced by the U.S. government, saying that staking services should not be registered as a security under the SEC.
• Armstrong also noted that Coinbase maintains a “good relationship” with regulators, and that the crypto industry needs clear rules to stay within regulatory parameters for good consumer protection.
• Lastly, he spoke about their latest product, Base, an Ethereum Layer 2 network and expressed excitement for DeFi projects being conducted by major firms such as JP Morgan, Visa, Mastercard and Franklin Templeton.
Coinbase’s Regulatory Approach
In an interview with Bloomberg, Coinbase co-founder and Chief Executive Officer (CEO) Brian Armstrong addressed the current regulatory approach enforced by the U.S. government. The CEO of the U.S.-based exchange has reiterated that “staking” services shouldn’t be registered as a security under the jurisdiction of the Securities and Exchange Commission (SEC), saying: Customers never turn their assets to Coinbase for instance. And we really just are providing a service that passes through those coins to help them participate in staking, which is a decentralized protocol.
Good Relationship With Regulators
Furthermore, the Coinbase CEO has stated that despite the ongoing regulatory actions that the SEC has carried out in recent months following the FTX collapse, the company maintains a “good relationship” with regulators, not only in the U.S., but also in Europe, Asia and Canada where they provide their services. In addition, Armstrong has explained that clear rules need to be published so customers can be provided with good consumer protection whilst preserving innovation potential within this industry: “If clear rules are published we are happy to follow it; if rules change we’re happy to follow those” he said.
Base Testnet Launch
Speaking with Bloomberg further on this topic Armstrong addressed their new product launch: “Base” an Ethereum Layer 2 network testnet – expressing his excitement for decentralized finances (DeFi) projects being conducted by major companies such as JP Morgan Chase , Visa Inc., Mastercard Incorporated & Franklin Templeton Investments.. He also said how important it is for US to remain technology hub in order to develop & grow these projects further – with Coinbases help they can do just this!
Crypto Has The Power To Update Financial Systems
The Coinbase CEO touched on how powerful cryptocurrency could be when integrated into financial systems stating: “We want to bring this industry within regulatory parameters so that we have good consumer protection but preserve innovation potential… Crypto has power to update financial systems & make them much more efficient & accessible than ever before.”
In conclusion it is evident from this interview how excited Brian Armstrong is about cryptocurrency integration into existing financial systems & its ability to revolutionize them – while still maintaining strong regulation protocols set out by relevant governing bodies such as The SEC etc… It will certainly be interesting see how these developments unfold over coming years!