• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, July 14, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Coinbase accuses SEC for killing millions of US Jobs and pushing opportunities to other nations.

by Ayush Singh
September 15, 2023
in Crypto, Crypto Exchanges, Markets, News, World
Reading Time: 2 mins read
0
Coinbase

Credits: FOX Business

TwitterWhatsappLinkedin

Coinbase, a prominent crypto exchange, asserts that the U.S. Securities and Exchange Commission (SEC) is taking a detrimental enforcement-centric stance, which is having adverse effects on America.

You might also like

Jane Street Deposits Rs 4,843.5 Crore as Directed by SEBI, Allowed to Resume Trading in India

Trump’s 35% Tariff Threat Disrupts Walmart’s Bangladesh Garment Supply Chain

Trump Administration to Leverage AI for Medicare Authorization Denials

In Coinbase’s view, while most major global economic powers are embracing technology that can bolster economic opportunities, the SEC’s reliance on enforcement-driven regulations is causing the loss of millions of jobs in the United States and driving potential opportunities abroad.

Brian Armstrong, the CEO of Coinbase, strongly opposes the Commodity Futures Trading Commission’s (CFTC) enforcement actions against decentralized protocols in the realm of Decentralized Finance (DeFi). Consequently, Armstrong is urging the DeFi community to take legal action against the CFTC.

Referring to recent enforcement actions initiated by the Commodity Futures Trading Commission against several operators of decentralized finance protocols, Coinbase’s CEO, Brian Armstrong, expresses his hope that these protocols will set a precedent by challenging the regulator in court. Armstrong makes the following statement on his X account:

“The CFTC should refrain from pursuing enforcement actions against decentralized (DeFi) protocols, as they do not qualify as financial services businesses. Furthermore, it’s doubtful that the Commodity Exchange Act even applies to them. My expectation is that DeFi protocols will establish a legal precedent by litigating these cases. The courts have consistently demonstrated a commitment to upholding the rule of law.”

Coinbase highlights that the SEC’s enforcement-centric approach persists, despite SEC Chair Gary Gensler testifying before the U.S. House Committee on Financial Services in May 2021, stating that domestic crypto exchanges lacked a regulatory framework at both the SEC and the U.S. Commodity Futures Trading Commission (CFTC).

During a recent interview, CEO Armstrong voiced his concerns regarding Gary Gensler’s role as SEC Chair and suggested that the regulatory dispute might be resolved with a change in leadership, possibly in 2024.

According to Coinbase, the enforcement-centric approach persists, even though 9 out of 10 Americans believe it’s time to modernize the financial system to promote fairness and prevent progress from being hindered by the status quo. Furthermore, this approach continues despite the fact that 52 million people, or 1 in 5 Americans, own cryptocurrency, and courts have ruled against the SEC in various high-profile cases, including the Grayscale case where the court found the SEC’s actions to be “arbitrary and capricious.”

In recent developments, the CFTC settled charges against DeFi protocols Opyn, ZeroEx, and Deridex. These settlements involved fines of $250,000, $200,000, and $100,000 for Deridex, Opyn, and ZeroEx, respectively. The charges included failure to register as a clearing execution facility or designated contract market, failure to register as a futures commission trader, and failure to adopt a customer identification program in compliance with the Bank Secrecy Act. Additionally, Opyn and Deridex were accused of offering leveraged and margined individual commodity transactions in cryptocurrency without proper authorization.

Coinbase advocates for a legislative approach as the “optimal path” forward. Despite the SEC’s emphasis on enforcement, Congress is taking steps to advance comprehensive crypto legislation. These efforts are crucial to ensure that the United States does not lag behind other jurisdictions. A legislative approach to crypto regulation is seen as the best way to ensure consumer protection while also retaining digital asset innovation and associated job opportunities within the United States.

Tags: #biden_administration#Coinbase_CEO#Ripple vs SECCoinbaseCrypto exchangetrending newsUS Securities and Exchange Commission
Tweet54SendShare15
Previous Post

Arm, Backed by SoftBank, Achieves $65 Billion Valuation with Nearly 25% Soar in Market Debut

Next Post

KBank,Thailand’s second-largest bank by assets foray into Web3 and AI with $100 Mn AI Fund.

Ayush Singh

Recommended For You

Jane Street Deposits Rs 4,843.5 Crore as Directed by SEBI, Allowed to Resume Trading in India

by Rounak Majumdar
July 14, 2025
0
Jane Street Deposits Rs 4,843.5 Crore as Directed by SEBI, Allowed to Resume Trading in India

Jane Street, the global proprietary trading giant based in New York, has made headlines in the Indian financial markets by depositing Rs 4,843.5 crore into an escrow account...

Read more

Trump’s 35% Tariff Threat Disrupts Walmart’s Bangladesh Garment Supply Chain

by Rounak Majumdar
July 14, 2025
0
Trump’s 35% Tariff Threat Disrupts Walmart’s Bangladesh Garment Supply Chain

The recent threat by U.S. President Donald Trump to impose a 35% tariff on imports from Bangladesh has sent shockwaves through the country’s crucial garment sector, with immediate...

Read more

Trump Administration to Leverage AI for Medicare Authorization Denials

by Sneha Singh
July 14, 2025
0
Trump Administration to Leverage AI for Medicare Authorization Denials

The Trump Administration has announced a significant change to Traditional Medicare that will require patients to get advance approval for many medical services—a process known as prior authorization....

Read more
Next Post
AI

KBank,Thailand’s second-largest bank by assets foray into Web3 and AI with $100 Mn AI Fund.

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?