Brian Armstrong believes next year’s presidential election could be pivotal for regulation of the crypto industry.
He noted that the cryptocurrency industry needs clear regulatory guidelines.
The 2024 presidential election will be pivotal for the cryptocurrency market
Coinbase CEO Brian Armstrong believes next year’s US election will be pivotal for the crypto industry.
Armstrong made this statement Speaking at a conference in New York on thursday. He said the next election could bring more regulatory clarity to the industry. he said:
“Frankly, the 2024 election is also a factor here. will be done.”
The Coinbase CEO also mentioned the ongoing lawsuit against Coinbase and its rival exchange, Binance. he said:
“I would like to remind people that, as we have seen other enforcement actions taken, we are working with the SEC on a civil matter and it is about what is a product, what is a security and what is a security. It’s kind of a technical issue, courts can help clarify that, and the other issue that we’re facing is a different issue, and there’s also a criminal case. [illegal] Transactions, mix of funds, personal names of executives and CEOs. None of that really matters at Coinbase. ”
Coinbase and Binance Still Under Regulatory Pressure
The world’s two largest cryptocurrency exchanges, Coinbase and Binance, are currently under regulatory pressure in the United States.
Earlier this month, the US SEC Filed a lawsuit against Binance It is suspected of serving high-value U.S. customers on its platform, which violates U.S. securities laws.
Regulators followed this up with another step Lawsuit Against Coinbaseclaims that the cryptocurrency exchange has never been registered as a broker, national stock exchange, or clearing house.
Coinbase and the SEC have been in a long-running dispute since crypto exchanges sued regulators earlier this year to force new rules into the crypto industry.