Coinbase CEO slams SEC says next Chairman should stop all “frivolous” lawsuits against crypto companies and apologize to the Americans.

Coinbase CEO Brian Armstrong has said that the new U.S. Securities and Exchange Commission (SEC) chairman should stop all “frivolous” lawsuits against crypto companies and apologize to American citizens. Armstrong also accused the regulator of inconsistency in defining crypto assets.

He posted a chart with various statements by SEC officials on this topic, including a quote from former Commissioner William Hinman, who said in 2018 that digital assets cannot be clearly classified as securities. This statement and other materials from Hinman became the basis for Ripple Labs’ defense in the lawsuit with the SEC.

Timeline of the Coinbase v SEC war

The conflict between Coinbase and the SEC has been going on for several years. In late March 2023, Coinbase received a notice from the SEC that the regulator planned to take enforcement action due to possible violations of securities laws. This warning concerned some crypto assets on the platform, such as Coinbase Earn, Coinbase Prime, and Coinbase Wallet.

In April 2023, Coinbase filed a lawsuit against the SEC to compel the commission to res

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Author: Anna Kharton

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