Building on his efforts to improve the regulatory environment for cryptocurrencies, as well as for his defense of his company's staking services, Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong said on Monday he was visiting Washington, D.C., advocating for clearer regulations in the crypto industry.
What Happened: Armstrong went on Twitter to share his thoughts on the matter, stating that he believed crypto companies should be encouraged to grow in the U.S. and not unnecessarily restricted from doing business.
He also noted there is rising uncertainty in the sector following enforcement actions taken against Kraken and Paxos earlier this month.
Also Read: $320M Solana-Ether Wormhole Bridge Exploit: Hacker Earns Yields On Staked Tokens
Armstrong called for clearer rules and regulatory clarity for the crypto industry and invited anyone interested in discussing the matter to join him for a chat.
While in Washington, Armstrong also noted the lack of low-sugar options in a Senate cafeteria, tweeting that "This place is carb central. Need more low sugar options."
— Brian Armstrong (@brian_armstrong) February 13, 2023
In a separate tweet, Armstrong defended Coinbase's staking services, which have come under scrutiny following a settlement between rival exchange Kraken and the U.S. Securities and Exchange Commission (SEC). Kraken agreed to pay a $30 million fine for failing to register the offer and sale of its "crypto asset staking-as-a-service program."
Armstrong maintained Coinbase's staking services are "fundamentally different" from Kraken's and are not securities. He even went so far as to say that he is willing to defend this position in court if necessary.
Despite Armstrong's assurances, Coinbase's shares still fell by more than 20% in the wake of the Kraken settlement.
Read Next: Kraken's Staking Program: Charges Prompt Concerns Of Regulatory Crypto Crackdown
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