Coinbase Ready to Defend Crypto Industry in SEC Battle

In a tweet on Tuesday, Armstrong said that “Coinbase would be proud to represent the crypto industry in its SEC court battle, and to “to finally get some clarity around crypto rules.”

Armstrong has criticized the SEC for failing to make it clear how securities regulations apply to the cryptocurrency business, including which digital assets qualify as securities and which are classified as commodities, for years. In April, the exchange filed a lawsuit against the SEC for failing to respond to Coinbase’s request for rules governing digitally traded securities. However, the regulator countered that cryptocurrency was already subject to clear rules and regulations.

One of the main accusations made by the SEC is that Coinbase failed to register with the organization for a number of the securities products it offers. However, Armstrong contended that there isn’t any rational way to go in that direction.

He claimed, “We tried, repeatedly, so we don’t list securities”. Furthermore, the SEC and CFTC have provided conflicting statements about which crypto assets qualify as securities – including Ethereum (ETH) and Tether (USDT).

Related: What is Tether (1 USDT)? How does it work?

To address the issue, the US Congress has already begun to draft crypto-specific laws, although this still places the country behind “the rest of the world” in terms of industry regulation.

“We’ll get the job done,” he said. “In the meantime, let’s all keep moving forward and building as an industry. America will get this right in the end.”

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