Coinbase CEO Brian Armstrong criticized the U.S. Securities and Exchange Commission (SEC) for its handling of crypto regulation in a post on social media platform X on Monday, calling for a change in leadership and approach. Armstrong wrote:
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people. It would not undo the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.
His remarks highlight the growing frustrations within the crypto industry over what Armstrong describes as the SEC’s inconsistent and often punitive stance on digital assets.
A table shared by Armstrong in the same X post illustrates the SEC’s conflicting positions on key regulatory questions. For instance, while the agency in 2018 stated that a digital asset “all by itself is not a security,” it has since issued contradictory statements, suggesting in 2021 that digital assets “embody” investment contracts and later, in 2024, shifting between calling them “computer code” and affirming their status as securities. This inconsistency extends to other questions, such as whether bitcoin is a security, with the SEC asserting in 2023 that bitcoin is not a security, but providing ambiguous responses in 2024. Armstrong, like many in the industry, argues these mixed messages leave companies in “regulatory limbo” and stifle innovation.
A table of SEC’s conflicting views on crypto. Source: Brian Armstrong
Coinbase’s legal conflicts with the SEC further underscore this tension. In June 2023, the SEC filed a lawsuit against the cryptocurrency exchange, alleging it operated as an unregistered securities broker. The SEC claims that several digital assets on Coinbase qualify as securities and that the platform has been offering them without the necessary regulatory approvals. The exchange has countered that it attempted to work with the SEC for clarity but received little guidance, criticizing the agency’s “regulate by enforcement” approach.
Armstrong has urged Congress to take the lead on crypto legislation, arguing that the current regulatory framework was not designed for digital assets and that the SEC’s approach could push innovation overseas.
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