Brian Armstrong is a long-time proponent of cryptocurrencies and digital assets. He rose to fame as the founder of Coinbase Global Inc. and is known for his bold statements against the United States SEC. His belief is that the adoption and assimilation of cryptocurrencies into our everyday economies will be a direct shot at progress. He equates it to how the internet has played a direct role in bringing together diverse businesses and enterprises under the same umbrella.
Recently, Armstrong was all over the news again for a thread of angry tweets against the SEC. Earlier, there were rumors of the SEC planning got sue Coinbase Global Inc. All of it revolves around the prospective launch of an interest-earning new product called Lend.
Armstrong’s indignation is at the fact that the ‘sketchy regulations of SEC will make their product way less profitable. Many people see a shadow of the 2017-18’s crypto boom in this situation. Back then, a huge number of token sales generated 20 billion dollars in just two years.
While on the one hand, the market explosion of 2017 has very little felt impact today, it still bothers the SEC. They are still dealing with unregulated and unlicensed firms from the time and their various money laundering scams. Regulators are apprehensive of a similar outbreak. If Coinbase’s Lend is allowed to be launched, a similar situation might be triggered. The effects of such a circumstance will be felt for years on the country’s economy. Regulators seem to have learned a lesson from the past and are not ready to make the same mistake again.