Coinbase CEO Visits Washington D.C. to Discuss Crypto Regulation
Brian Armstrong, the CEO of Coinbase, the largest cryptocurrency exchange in the U.S., has announced in a tweet that he is in Washington D.C. to discuss crypto regulation with officials.
He gave an open invitation for discussions on crypto regulation and legislation in the country. After a series of meetings, Armstrong expressed his satisfaction with the sessions and his hope for progress in the industry.
I’m in Washington D.C. and had a meeting canceled. Will be at the Dirksen Senate Office building snack bar for the next hour or so, if anyone wants to come chat about crypto and how we get crypto legislation + regulatory clarity this year.
— Brian Armstrong (@brian_armstrong) February 13, 2023
The trip follows a fine for Kraken
Armstrong’s visit to the nation’s capital comes after Kraken, another US-based cryptocurrency exchange, was forced to shut down its staking services in the country and pay a $30 million fine to the U.S. Securities and Exchange Commission (SEC).
Coinbase’s legal officer addresses questions on staking
Coinbase’s Chief Legal Officer, Paul Grewal, commented on the recent developments with Kraken and addressed some common questions regarding cryptocurrency staking.
Despite the SEC’s scrutiny, Grewal explained that staking is a legitimate form of investment for digital asset holders. He emphasized the importance of regulation in the industry and the need to avoid regulation by enforcement.
SEC chair and commissioner disagree on staking services
SEC Chair Gary Gensler believes that there are clear pathways for regulatory compliance for crypto companies that want to offer staking services.
However, SEC Commissioner Hester Peirce disagreed with the SEC’s enforcement actions and wrote a public letter of dissent. Peirce expressed concern about the regulator’s solution of shutting down staking services and the lack of a public process to develop a workable registration process.