Coinbase CEO, Brian Armstrong, believes that the next chair of the U.S. Securities and Exchange Commission (SEC) should apologize to the American people for the losses that the agency has caused to the cryptocurrency space.
On October 29, Armstrong published a compilation of contradictory statements that the SEC has made over the years. These issues include the SEC's inconsistent views on whether digital assets like Bitcoin (BTC) are securities, as well as the agency's ability to regulate cryptocurrency exchanges and whether the current laws are clear.
Issues and examples of contradictory statements by the SEC. Source: Brian Armstrong
According to Armstrong, the next SEC chair should apologize to the American people and withdraw all "unnecessary" legal actions. He believes that while this cannot undo the damage that has been done, it would begin to restore trust in the government agency.
Coinbase CEO Endorses Republican Senate Candidates
As the U.S. election approaches, Armstrong has expressed support for Senate candidates who are pro-cryptocurrency, including former Bridgewater Associates CEO David McCormick and XRP-supporting lawyer John Deaton.
On October 20, Armstrong wrote on X that McCormick is the "better candidate for crypto" for Pennsylvanians. In another X post, he also endorsed Deaton, who is seeking to defeat Democratic U.S. Senator Elizabeth Warren.
Source: Brian Armstrong
Armstrong commented that cryptocurrency owners in Massachusetts should recognize that Warren is "the one who put SEC Chair Gary Gensler in his position." He accused Warren of encouraging Gensler to unlawfully "try to destroy the crypto industry in America."
While Armstrong has endorsed Senate candidates, he has not yet made a decision on presidential candidates.
What Could a Trump Victory Mean for the SEC?
Many believe that if former President Donald Trump wins the upcoming election, he will appoint a more crypto-friendly SEC chair.
On July 27, Trump vowed to fire Gensler on his first day in office if re-elected. Trump also stated that he would appoint a chair who believes that America should "build the future, not stop the future."
On October 7, a former SEC official was reported to have said that Robinhood's general counsel, Dan Gallagher, would be a "natural choice" to lead the securities regulator under a Trump administration. Gallagher became Robinhood's general counsel in 2020 and was an SEC commissioner from 2011 to 2015.
Former officials also believe that Trump may consider former SEC general counsel Robert Stebbins, SEC Commissioner Hester Peirce, or Chris Giancarlo, who is and was the chair of the Commodity Futures Trading Commission.
