Coinbase’s Brian Armstrong Urges SEC Chair to Apologize for Crypto Industry Harm

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.

Read More:

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.