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Coinbase chief executive officer Brian Armstrong warned that the ultimate and last resort for the crypto industry is to approach the United States Supreme Court if the proposed legislative actions on digital assets do not get passed in the near future.
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Crypto Bills In US Legislature
Armstrong said that the crypto market participants would have no option but to fight it out in the Supreme Court if the US lawmakers do not give a clear pathway for regulation via the proposed bills. He said currently the U.S. Securities and Exchange Commission (SEC) if offering no respite from the tight enforcement actions while there is no clear pathway for crypto regulation. Coinbase is currently facing a lawsuit from the US SEC over allegations of operating as an unregistered exchange, broker and clearing agency.
The CEO had also reminded that the exchange had filed a petition last year seeking some clarity on the regulatory framework. In April 2023, the exchange had taken the US SEC to courts seeking an answer to its July 2022 petition on the agency’s plans on formal rulemaking process to provide guidance for the crypto industry. Speaking to Yahoo Finance, he further stated that the SEC can’t continue to punish crypto, adding that this is the US Congress’ chance to on the crypto ‘5G’ moment.
The Supreme Court Option
Armstrong said that if the US lawmakers fail to amass support in favor of passing the crypto bills, the industry would have the option to seek clarity through the Supreme Court. “That is not going to look good for the lawmakers,” he said. In the recent times, the US House Republicans have been pushing for support to the “Financial Innovation and Technology for the 21st Century Act” which brings in a regulatory framework for crypto ecosystem.
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