Coinbase CEO says 2024 election could affect crypto regulation.
Brian Armstrong, CEO of Coinbase, believes that the regulation of the crypto industry will be impacted by the presidential election in 2024.
Armstrong emphasized the need for clear regulatory guidelines for the industry.
2024’s Presidential Election Will Be Crucial for the Crypto Market
Brian Armstrong, the CEO of Coinbase, spoke at a conference in New York and stated that the upcoming presidential election in the United States will be important for the cryptocurrency industry. Armstrong believes that the election could bring more regulatory clarity for the industry. Armstrong stated:
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“Frankly, the 2024 election is also a factor here. It’s kind of politically unpopular to be anti-crypto right now, and we are going to see potentially a change here, whether in administration, parties or the SEC chair.”
Armstrong also discussed ongoing lawsuits against Coinbase and Binance, the two largest cryptocurrency exchanges in the world. He clarified that while Coinbase is engaged with the SEC on a civil matter regarding the classification of commodities and securities, the exchange is not involved in any criminal matters. On the other hand, Binance is currently facing allegations of illegal trading and commingling of funds.
Coinbase and Binance Still Under Regulatory Pressure
Both Coinbase and Binance are currently facing regulatory pressure in the United States. The US SEC recently filed a lawsuit against Binance for allegedly violating U.S. securities laws by offering services to high-valued US customers. The SEC also filed a lawsuit against Coinbase, claiming that the exchange has never registered as a broker, national securities exchange, or clearing agency. The two companies have been in a lengthy dispute with the SEC, with Coinbase suing the regulatory agency earlier this year to force it to provide new regulations for the cryptocurrency industry.