Coinbase’s Brian Armstrong: The US Risks Losing Status As Financial Hub Long Term

Coinbase’s Brian Armstrong said that the US is risking losing its status as a financial hub for the long term. Check out the latest reports below.

Here’s what the CEO of Coinbase notes via Twitter:

America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H

— Brian Armstrong (@brian_armstrong) February 16, 2023

Someone commented: “Crypto can save US from recession. restriction now will send this market even further down. Lastly lets be honest does the government want people to declare their 2022 financial statement because it’ll cost em a fortune in loses.”

It’s been just reported that the Kraken CEO and Coinbase exec are blasting the latest decision that the SEC is making. Check out the latest important news below.

Kraken CEO Jesse Powell and Coinbase’s chief legal officer Paul Grewal are vocally criticizing the U.S. Securities and Exchange’s (SEC) latest enforcement action against crypto staking.

As the online publication the Daily Hodl notes, the SEC chair Gary Gensler told CNBC in an interview that Kraken was not disclosed to the public the complete risks associated with staking their digital assets on the platform.

Gensler said that Kraken “knew how to register” on the SEC website for the necessary regulatory requirements, but neglected to do so.

As a response, Powell implied that Gensler’s claim was untrue.

“Oh man, all I had to do was fill out a form on a website and tell people that staking rewards come from staking? Wish I’d seen this video before paying a $30 million fine and agreeing to permanently shut down the service in the US. How dumb do I look. Gosh.”