Brian Armstrong Criticizes SEC and Warren for Impact on Crypto Industry
Coinbase CEO Brian Armstrong criticized US Securities and Exchange Commission (SEC) Chairman Gary Gensler and Senator Elizabeth Warren for unethical actions impacting the crypto industry. He claimed their conduct contributed to Democrats' election losses.
Armstrong's comments followed a post by Elon Musk regarding alleged debanking of thirty tech founders by the Biden administration. He asserted that Gensler and Warren unlawfully targeted the industry, which he believes affected Vice President Kamala Harris's electoral outcome. He advised the Democratic party to reconsider their association with Warren to improve their rebuilding efforts.
“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Dems 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.”
Debanking Controversy Escalates as Armstrong Challenges Regulatory Actions
The issue of debanking emerged from Marc Andreessen's remarks about thirty tech founders being denied banking services due to their connections to tech and crypto. Armstrong confirmed these claims and is pursuing evidence through Freedom of Information Act (FOIA) requests regarding potential legal violations.
Warren has promoted strict regulations citing customer protection, but critics argue this may hinder innovation and deter entrepreneurs. Armstrong suggested her involvement in the debanking issue might occur without President Biden’s awareness.
Armstrong's statements received various responses, including one from a crypto commentator labeling debanking and lawfare as un-American. The recent election saw pro-crypto candidates gain seats, fostering optimism for a better environment under President Donald Trump.
Trump advised crypto holders to retain their Bitcoin, promising to maintain all current and future holdings. He also stated intentions to dismiss the SEC chair upon taking office, although Gensler plans to resign by January 20, 2025.