The CEO of Coinbase wants improved crypto rules. The more bitcoin gets regulated globally, the better it is for their firm, according to Brain's most recent statement. In addition, he mentioned an SEC probe, stating that they are yet unsure of whether the inquiry would result in a formal investigation or not.
The second quarter of this year saw a 64 percent decline in Coinbase's revenue. They recorded a loss of almost $1.10 billion. Coinbase, however, said that the second quarter of this year was mostly a durability test for crypto exchanges and businesses similar to them and that it was generally a challenging period in a recent letter to shareholders.
When questioned about the legality of cryptocurrencies, Armstong said that he was pleased to see the quick progress being made in this direction globally. A number of laws, which are beneficial to them, are making their way through Congress, he added.
Armstrong concluded by saying that they are prepared to work with any international authorities who would make the time to meet with them.
The information that the SEC will be looking into Coinbase's currency listing system is currently sweeping social media like wildfire. In response, Brian said the SEC issued their business a voluntary request for information that asks for details on the asset listing process as well as a number of other things. He also stated that he is unsure if the probe would be conducted formally or not.
In a case involving insider trading, the SEC accused a former product manager of Coinbase in July and concluded that nine cryptocurrencies available on this platform are actually crypto securities. However, the corporation has denied every accusation that has been made against them. The CEO of the corporation, however, remained silent on the subject.
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