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Regulation and Policy

Coinbase CEO Visits Washington D.C. to Discuss Crypto Regulation

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.

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).

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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.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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