Brian Armstrong, CEO of Coinbase, believes that next year’s presidential election in the United States will be crucial for the crypto industry. Armstrong expressed this sentiment during a conference in New York on Thursday. He stated that the 2024 election could bring greater regulatory clarity to the industry, pointing out that it is currently “politically unpopular to be anti-crypto”.
The Coinbase CEO also addressed the ongoing legal proceedings between Coinbase and its rival exchange Binance. He emphasised that Coinbase is only involved in a civil matter with the SEC concerning the technical issue of what is a commodity and what is a security, while Binance is facing criminal charges.
The two largest cryptocurrency exchanges in the US are under pressure from regulators. The US Securities and Exchange Commission will be meeting this month, and a plaintiff has already filed a lawsuit against Binance for allegedly offering services to high-valued US clients in violation of US securities law. The SEC then followed up with a lawsuit against Coinbase, claiming that the crypto exchange has never been registered as a national securities exchange, clearing agency or broker.
Coinbase and the SEC have been in a long-running dispute since the crypto exchange filed a lawsuit against the regulatory agency in early this year in an effort to force them to create new rules for cryptocurrency.
