The CEO of Coinbase wants the next SEC President to apologize to the crypto world

The CEO of Coinbase, Brian Armstrong, stated that the next SEC Chairman should apologize to the American people for the damage caused to the crypto world. In this way, a process of restoring trust in the institution could begin. 

CEO di Coinbase e cosa si aspetta dal prossimo Presidente della SEC a nome del mondo crypto

The CEO of Coinbase, Brian Armstrong, shared his thoughts on X in which he states that the crypto world should receive an apology from the next SEC President.

The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.

It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs

— Brian Armstrong (@brian_armstrong) October 29, 2024

“The next president of the SEC should withdraw all frivolous cases and apologize to the American people. This would not erase the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.”

In practice, for Armstrong, the Securities and Exchange Commission of the USA has caused significant damage to the crypto sector, primarily due to its inconsistency in defining Bitcoin and crypto as a security. 

The consequences of these inconsistencies over the years have led several crypto companies, including Coinbase itself, to face multiple and lengthy legal cases. 

Precisely for this reason, Armstrong demands a change to restore the trust of Americans in the SEC as an institution. 

This is a process of restoring such trust that would begin with the necessary apologies to the crypto world from the next SEC President. Not only that, this person should also withdraw all “frivolous” lawsuits. 

Coinbase and the investigation on the SEC to obtain its internal communications on crypto

Also this month, Coinbase made headlines for hiring a research firm to obtain the documents of the SEC’s internal conversations on crypto. 

In practice, it seems that the intent of the crypto-exchange is precisely to publicly reveal how the agency came to consider the tokens as securities. 

Specifically, the company hired is History Associates, which has asked the judge for a swift decision on the opportunity to obtain the key documents from the SEC. 

With this request, the federal court could decide to make public the communications of SEC officials in their private discussions. 

In this way, one could understand how the various internal reflections of the regulatory authority on the opportunity to pursue Ethereum (ETH) and other tokens as illegal securities. 

The CEO of Coinbase with Elon Musk: John Deaton to dethrone Elizabeth Warren

Recently, Armstrong and Elon Musk agreed on the idea of wanting to dethrone Elizabeth Warren, the current senator of Massachusetts. 

Warren is the one who got Gary Gensler hired, the current Chairman of the SEC, who has hindered the entire crypto industry all these years. 

Both Armstrong and Elon Musk see in John Deaton, the ideal pro-crypto candidate capable of replacing the senator. For the CEO of Coinbase, Warren is against freedom and believes that the government should manage all the financial services of the country.