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Brian Armstrong Calls SEC Commissioner Up for Re-Nomination a ‘Failure,’ Urges Senate To Vote Her Out

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Coinbase chief executive Brian Armstrong is lashing out against a U.S. Securities and Exchange (SEC) commissioner who is up for re-nomination.

Armstrong argues on the social media platform X that Caroline A. Crenshaw has been “a failure” as commissioner and should be voted out.

“She tried to block the Bitcoin ETFs (exchange-traded funds) and was worse than Gensler on some issues (which I didn’t think was possible).

The Senate Banking Committee should take note – the crypto community is watching this vote. I’m told it will be factored into Stand With Crypto scorecards for politicians.”

Stand With Crypto is a digital asset advocacy group backed by Coinbase.

Crenshaw is a Democrat who was nominated to her role by former President Donald Trump and unanimously confirmed by the Senate in 2020. Her term expires this year.

In January, she dissented against the SEC’s decision to greenlight spot Bitcoin exchange-traded funds (ETFs), calling the approvals “unsound and ahistorical.”

Fox Business journalist Eleanor Terrett reports that the Senate Banking Committee will meet this Wednesday to vote on Crenshaw’s renomination.

No more than three members of the SEC’s five-person board of commissioners can belong to the same political party. The SEC currently has three Democratic and two Republican commissioners, though Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, have announced their plans to step down in early 2025.

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Coinbase CEO Brian Armstrong Sends Strong Message to Anti-Crypto Law Firms

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Coinbase CEO Brian Armstrong shared a strong message to anti-crypto law firms, adding that the crypto exchange would stop working with them. He has also taken a firm stand on law firms that hire individuals from the outgoing administration of the U.S. Securities and Exchange Commission (SEC), who were responsible for maintaining an unclear stand on crypto regulations.

Coinbase CEO Lashes Out At Law Firms Hiring Ex-SEC Officials

Coinbase CEO Brian Armstrong has released a public statement on the X platform while taking a firm stand against law firms hiring anti-crypto individuals. Brian Armstrong stated that the crypto exchange has informed that they would immediately terminate any professional relations with legal partners hiring such individuals.

In the latest development, Milbank LLP has recently hired the SEC Division of Enforcement Director Gurbir S. Grewal who had previously undertaken huge enforcement actions against the crypto industry.

Armstrong criticized the firm for hiring former SEC official Gurbir Grewal, leading Coinbase to cease its association with the firm. “It’s an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules,” he said.

He further stressed that senior officials who were involved in shaping unclear regulatory policies should not claim they were merely “following orders”. Instead, Armstrong pointed out that several SEC members chose to leave during this period, reflecting their disagreement with the agency’s direction.

However, he added that he doesn’t believe in permanently canceling people from employment. At the same time, he urged the crypto industry to avoid financially supporting firms that hire them. “Let your law firms know that hiring these folks means losing you as a client,” he wrote.

Brian Armstrong Looking Ahead to Pro-Crypto Legislation

On the other hand, Armstrong and his team have been looking forward to pro-crypto legislation in the US under President-elect Donald Trump. He and his team are confident that the regulatory landscape will improve ahead building a conducive environment for driving crypto innovation.

Two key crypto bills are set to reach US Congress soon. The Republican-backed FIT 21 Crypto Bill, passed by the House earlier this year, aims to establish a legal framework for digital assets. The second, the Clarity for Payment Stablecoins Act, seeks to regulate and license stablecoin issuers, and is awaiting approval in a House vote.

Moreover, crypto exchange Coinbase has continued to support new digital assets, the latest being the Solana-based MOODENG, leading to a massive 94% surge in its price. This rally has pushed the meme coin’s market cap above $600 million while the daily trading volume has surged by 700% to more than $1.1 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CTO Calls on US Government To End All Indirect Regulation Including Alleged Debanking of Tech Founders

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The chief technology officer of Ripple Labs says that the government needs to address the alleged unconstitutional unbanking of many crypto and tech founders.

In a new thread on the social media platform X, Ripple CTO David Schwartz accuses the government of pressuring banks to cancel unfavored individuals and businesses with no evidence that they committed crimes.

According to Schwartz, this type of “indirect regulation” is unconstitutional as it ignores due process and the First Amendment.

Schwartz refers to the trend as “Orwellian nonsense” and calls for an end to it in its entirety.

“Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process. But the government ought not to punish people without giving them due process.

It is easier to pressure banks to cut off disfavored businesses than to make that business illegal. But if the government wants to stop some commercial activity, it should go through the proper lawmaking process, with full political accountability, to prohibit it, not use backdoor secret pressure to drive it underground.

END ALL INDIRECT REGULATION.”

Last week, Coinbase chief executive Brian Armstrong said that Senator Elizabeth Warren, a Democrat from Massachusetts, and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler wanted to destroy the crypto industry and possibly broke the law in their crusade against digital assets.

“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Democrats losing the election. The Democratic party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”

Armstrong made the statement amid swirling rumors that the US government cut off 30 tech and crypto founders from banking services.

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Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe

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Coinbase CEO Brian Armstrong has criticized the Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform. Armstrong expressed frustration on social media, suggesting that the DOJ’s actions are politically motivated and could inadvertently strengthen Polymarket’s influence. 

The ongoing probe, which involved a search of Polymarket CEO Shayne Coplan’s devices, has sparked widespread debate in the cryptocurrency and technology sectors.

Coinbase CEO Brian Armstrong Criticizes DOJ

In a post on X (formely Twitter), the Coinbase CEO Brian Armstrong, has given his two cents on the Polymarket probe. Amid an FBI raid, Polymarket is said to have violated the terms of its earlier settlements with U.S. regulators by permitting U.S.-based users to place bets, the DOJ probe of the platform suggests. 

A 2022 consent order with the Commodity Futures Trading Commission (CFTC) limited Polymarket’s access to US-based traders and the company paid a $1.4 million penalty. But latest findings suggest that US users might still be using the platform hence raising compliance issues.

The probe has picked up pace after a surge in election-related trades on Polymarket particularly those in favour of Donald Trump’s re-election. Critics, however, despite the Coinbase CEO comments, have expressed fears that such big bets can manipulate the general opinion. 

Polymarket has however said it takes steps to ensure that its services are not used by those based in the United States, but the DoJ’s investigation indicates that the company remains concerned about potential violations.

Polymarket Denies Political Motivations, Defends Its Operations

In reaction to the DOJ’s actions, Polymarket has come forward to explain that its platform is a tool that aids people in gaining information about the world, including elections. 

The company called the DOJ’s actions politically motivated and said that the company would fight for “itself and its community.” Polymarket’s CEO Shayne Coplan commented on the matter stating that it was a disappointing “last-ditch effort” by the current administration to go after companies they feel are linked to political opponents.

He highlighted that Polymarket does not take sides, saying that regulators should instead concentrate on creating a favorable climate for business and startups.

“Polymarket has helped hundreds of millions of people during this election cycle and has not hurt anyone,” Coplan said in a tweet.

The management of Polymarket also emphasized the openness of the platform and the unwillingingness to violate current legislation. Since the CFTC settlement, the company has put in place further measures to check the location of users and to limit the access of suspected US participants.

French Regulators Also Scrutinize Operations

However, there are more regulatory concerns for Polymarket than just the US ones. In France, the country’s gambling regulator, the ANJ, is reportedly mulling over the possibilities of banning Polymarket due to unlicensed gambling services. The French authorities have taken notice of the company after recording a surge in the number of bets placed during the US presidential election.

In particular, the response of Coinbase CEO, to the DOJ investigation has been popular among the cryptocurrency community who consider the probe as a threat to free speech. 

Solana co-founder Anatoly Yakovenko also came out in support of Polymarket, saying that data markets are a form of “political speech” covered by the First Amendment. This view is supported by a number of crypto industry executives who claim that banning platforms like Polymarket hampers people’s ability to discuss political events.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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