Coinbase's CEO Brian Armstrong recently criticized the U.S. Securities and Exchange Commission (SEC), claiming that the next chair should apologize to the public for the agency's negative impact on the cryptocurrency sector.
In a post on October 29, he shared a compilation of the SEC’s contradictory statements over the years regarding whether digital assets, like Bitcoin, qualify as securities and the agency’s regulatory powers over crypto exchanges.
Armstrong argued that an apology, coupled with the withdrawal of “frivolous” legal cases, could help restore trust in government institutions, even if it can’t completely undo past harm.
As the U.S. elections approach, Armstrong has publicly supported pro-crypto Senate candidates, including David McCormick and John Deaton. He highlighted McCormick as a strong choice for Pennsylvania residents and criticized Senator Elizabeth Warren for her role in facilitating SEC Chair Gary Gensler’s appointment, alleging that she has contributed to regulatory challenges facing the crypto industry.
While Armstrong has endorsed Senate candidates, he has refrained from backing any presidential hopefuls. He suggested that if former President Donald Trump were to win the election, he would likely appoint a more crypto-friendly SEC chair, noting Trump’s commitment to replace Gensler and appoint someone who favors innovation over regulation.
Potential candidates for this position could include Dan Gallagher, Robert Stebbins, Hester Peirce, or Chris Giancarlo, all of whom have substantial experience in regulatory roles.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.