SEC Caused Untold Harm To US; Coinbase CEO After MiCA Approval

Crypto News: Coinbase Global, the U.S. biggest crypto exchange has been actively seeking clear crypto regulations from the Securities and Exchange Commission (SEC). Brian Armstrong, CEO of Coinbase recently expressed that the unclear rules in U.S. and Britain for the crypto industry can lead the firms to go offshore.

Also Read: Ripple Exec Opts For EU’s Progressive Crypto Laws As XRP Case Verdict Closes In

Coinbase Still Seeks Clear Crypto Rules

European Parliament on Thursday approved the first of a kind set of crypto oriented regulations. As many as 517 European lawmakers voted in the favor of the MiCA, while 38 decided to vote against it.

Amid this major development in the crypto industry, Coinbase CEO in a Tweet mentioned meeting with Congress members in Washington DC. He asserted that they need regulatory clarity in the United Nations for the reasons like consumer protection, national security, and more.

Brian Armstrong stated that the SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that.

Also Read: Crypto Expiry: Bitcoin and Ethereum Bearish Price Move To Break Key Support Levels?

According to reports, Coinbase is gearing up for a long legal battle with the U.S. SEC. This comes after the regulator issued a warning to the U.S. biggest crypto exchange for violating securities law. Earlier, the commission issued a Wells notice to Coinbase. It is being considered as a warning notice before the watchdog issues charges.

In an interview with CNBC, Brian Armstrong called it “unfortunate” that SEC sent them a Wells notice. He added that the platform has not got any further detail on the issues that the commission states. As per the report, Coinbase’s team and the U.S. SEC met over 30 times in the last year. However, the commission didn’t provide them with a much need feedback.