Coinbase CEO: Met with SEC 30 times, received subpoenas instead of regulatory guidance

During an interview with Decrypt, Coinbase revealed that they had met with the SEC 30 times over the past 18 months, with the SEC providing zero regulatory guidance. The CEO also compared regulatory environments between the UK and the US, praising the UK's regulatory framework.

Coinbase: Met with SEC 30 Times, Received No Regulatory Guidance

Brian Armstrong revealed that Coinbase has met with the SEC 30 times over the past year and a half, citing "strong legal arguments" and requesting guidance from the SEC on assets to be listed on the platform, but the SEC has always remained silent:

We haven't really gotten any feedback from the SEC on what assets they think are securities other than Bitcoin. We've only received Wells notices.

In March, Coinbase received a Wells notice from the SEC, stating that charges were likely to be brought, and three months later, the SEC followed through.

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Brian Armstrong emphasized that the situation of resorting to enforcement instead of regulation and lacking clear guidance has led Coinbase to expand overseas.

He just attended the UK Investment Summit this week, pointing out the efficient cooperation between Coinbase and the UK Financial Conduct Authority (FCA), which is starkly different from the United States:

Regulation in the UK for commodities and securities is overseen by a single federal regulatory agency, which is really great. They don't have the issue of turf wars between the CFTC and SEC, which sometimes feels like they're fighting for ball possession, but this is not a problem in the UK at all. What Coinbase values most is regulatory clarity.

UK Officials Express Desire to Become Center of Cryptocurrency, Web3

Brian Armstrong stated that the UK government under Prime Minister Rishi Sunak is very supportive of cryptocurrency, with officials in meetings clearly stating their desire for the UK to become a center for cryptocurrency and Web3.

He also mentioned that a16z recently established a branch in London, and Coinbase has created around 200 high-paying jobs in the UK, which stands in stark contrast to the situation in the United States.