![]() He also says it "would certainly help" the company someone other than Gary Gensler were leading the SEC. In an interview with Yahoo Finance, Coinbase Global CEO Brian Armstrong says his company has "good relationships" with SEC staff, but that "leadership there has taken a very hostile view towards crypto.regulation by enforcement posture instead of just engaging in rule making as they're required to by law." Armstrong believes ultimately the issues facing the company will be resolved. It was the one of the many actions by the SEC that has the crypto world frustrated by the agency. ![]() Securities and Exchange Commission sued Coinbase Global (COIN), alleging the company broke securities law by acting as an unregistered exchange, broker, and clearing agency. Yahoo Finance Video Coinbase CEO: SEC leadership has 'very hostile' view of crypto regulation Click here for more of Yahoo Finance's coverage from the Goldman Sachs Communacopia + Technology Conference. ![]() When it comes to the 2024 race, Armstrong thinks crypto could be a "hot topic" in the race for the White House, with Americans holding candidates' feet to the fire to hear their positions on the issue. Armstrong told Sozzi earlier in the interview that it "would certainly help" the industry if Gary Gensler were no longer SEC Chair, which would likely happen if a Republican were to defeat President Joe Biden in 2024. He also suggests there could be a new SEC chair in 2024. Armstrong says there are a few ways the industry to get some clarity, such as through the courts, congress, and the CFTC. One of the issues facing the crypto industry is the lack of regulatory clarity. Armstrong tells Yahoo Finance Executive Editor Brian Sozzi about the company's recently launched Base layer 2 blockchain network and things like flatcoin, which he says Coinbase isn't working on yet, but is interested in. Even though this launch was monumental, experts have strong reason to claim that it’ll go up even more, as much as 50 percent, by the end of the fiscal year.Yahoo Finance Video Coinbase CEO on company's next steps, why crypto will be a 'hot topic' in 2024 WH raceĬoinbase CEO Brian Armstrong (COIN) is shedding a little light on what his company is working on next. ![]() Analysts have laid out the fundamentals behind this quite succinctly: it is the most popular cryptocurrency exchange, it’s never been hacked, which gives it a reputation of security, it has more than 10 percent of all bitcoin and other cryptocurrency in existence squirreled away on its platform, and it’s got an abnormally high profit margin that’s only looking rosier as time goes on. With the company originally founded to facilitate the purchase and trading of bitcoin, it’s no surprise that the massive successes that this cryptocurrency has been enjoying recently is reflected in Coinbase’s own. This price spiked before descending slightly in the evening, bringing the final price by market close of $328, making the company’s new net worth somewhere in the range of $85 billion. The Nasdaq placed a pre-emptive reference price of $250 per share, but at market open, each one traded for $381. The launch happened with much fanfare on the appointed day, with company executives hosting discussions about their ambitious plans for Coinbase’s future.Īlthough expectations were already high, the valuation of this new stock exceeded them, with The New York Times calling it a “landmark moment” for bitcoin and the entire cryptocurrency industry. On April 1, 2021, the company announced that it would begin offering publicly-traded shares, being listed on the Nasdaq under the name $COIN, following approval from the U.S. ![]()
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