Brian Armstrong responds to SEC lawsuit; says Gensler’s views are ‘not representative’ of entire US government

Brian Armstrong, CEO of Coinbase, defended his firm’s position and the broader cryptocurrency sector in a Bloomberg Live interview today.

Armstrong’s remarks come in response to a recent lawsuit from the Securities and Exchange Commission (SEC) and as the U.S. government escalates its clampdown on Binance, the world’s largest cryptocurrency exchange.

Armstrong made it clear that SEC Chair Gary Gensler’s view that most crypto assets are securities is not representative of the American government’s overall perspective.

“I want to make an important point, which is that the SEC chair may have a certain point of view, but that’s not representative of the whole U.S. government,” Armstrong said,  contending that Gensler’s stance is “really an outlier” among government figures he had spoken with:

“When I meet with members of Congress, I think the broad consensus probably amongst 80% of people I talked to both sides of the aisle…is we don’t know exactly what this technology is going to become.”

Armstong further argued that while the future of the technology is still uncertain, the need for clear legislation is critical, particularly given the progress being made by major financial hubs worldwide.

Armstrong also emphasized the importance of consumer protection and the application of “some basic good ideas around AML/KYC and audited financial statements” in the cryptocurrency industry.

The CEO stressed the need for a clear market structure so businesses can better understand the regulatory environment and which agencies they should engage with concerning specific types of assets.

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