During a Twitter live chat on Thursday, Coinbase CEO Brian Armstrong stated that the recent actions taken by the Securities and Exchange Commission are putting the United States at risk of losing its leading position in the global financial market.
According to Armstrong, other countries such as the United Kingdom, Brazil, and Singapore are ahead of the United States in areas such as legislation and banking regulations, while the United States is behind in these same areas. Things have the potential to become far more dire if nothing is done.
The comments were made just one day after the SEC warned the cryptocurrency exchange about its staking services, which include Coinbase Earn and Coinbase Wallet. The action that the SEC is doing right now is only one of a series of regulatory warning shots that have been fired at other cryptocurrency businesses in the United States.
Armstrong stated that his company’s top objective is to obtain “clear regulations,” and he added that the company should not be exposed to regulation by such enforcement.
“We’re glad to go to court if that’s what it takes to finally get some case law developed for this industry,” he stated at one point. “In some ways, we’re thrilled to go to court.”
According to Armstrong, the Securities and Exchange Commission has been a “real outlier” among other US authorities in its rejection to Bitcoin.