The CLARITY Act has attracted support from some of the world’s largest financial institutions. That support has not been enough to silence the opposition. Coinbase CEO Brian Armstrong addressed both sides in a recent interview.

Armstrong identified Goldman Sachs, Citi, BNY, Fidelity, and BlackRock as institutions that have publicly endorsed the legislation. He called the bill very good for banks.

He said most banks recognize it gives them new tools to grow their business using blockchain technology. However, the financial industry is not a monolith on this issue.

TODAY: Coinbase CEO Brian Armstrong says that there are banks that are still against the Clarity Act because they “don’t want competition from crypto companies.” pic.twitter.com/a7LDzeg8Mv

— Cointelegraph (@Cointelegraph) August 31, 2026

A Small Group Holding Out

Armstrong acknowledged that some banks remain opposed. He did not soften his assessment of why. “They don’t want competition from crypto companies,” he said. “They don’t want to have to pay higher rates to their customers.”

Companies like Ripple faced backlash from banks for pursuing a banking charter. This video shows that those banks don’t want to compete. Armstrong’s remarks put a direct label on the resistance. It is not about protecting consumers or managing systemic risk. According to the CEO, it is about protecting market position.

He invoked free market competition as the standard against which that behavior should be judged. “Competition is what made America great,” he said. Armstrong expressed confidence that the Senate will not accommodate that kind of protectionism.

Where the Bill Stands

The CLARITY Act cleared the Senate Banking Committee in May. It has sat on the Senate calendar since then without a floor vote. Senate Majority Leader John Thune filed cloture before the August recess. The procedural vote is now scheduled for September 15, when the Senate returns.

The bill needs 60 votes to advance past that cloture threshold. That number requires bipartisan support. Senator Tim Scott has stated publicly that the bill will become law.

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The Stakes for September

Armstrong’s comments arrive at a critical moment. The September 15 vote is the next concrete test of whether the bill has enough support to move forward. Senator Lummis has publicly pushed back against the assertion that Wall Street broadly opposes the bill, and revealed the support of major institutions. Armstrong’s remarks reinforce that position.

The banking opposition Armstrong described does not represent the industry consensus. It represents a minority pushing against legislation that most major institutions have already accepted. Armstrong made clear he expects the Senate to recognize that distinction. The September 15 vote will show whether that expectation holds.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Coinbase CEO Brian Armstrong delivered a clear message at the White House on August 19. The September 15 Senate vote on the CLARITY Act is what matters most right now.

Armstrong made the remarks during the White House Crypto Summit, where President Donald Trump hosted executives from Ripple, Coinbase, Chainlink, Gemini, and others alongside SEC Chair Paul Atkins and CFTC Chair Michael Selig.

Crypto news platform CryptosRus (@CryptosR_Us) shared a video of Armstrong’s remarks from inside the meeting. The clip circulated quickly across the XRP and broader crypto community.

JUST IN: Coinbase CEO Brian Armstrong says the September 15 CLARITY Act vote is “what’s most important next” for crypto.

Passing the bill would make the crypto legislation “durable into the future” and help it survive “for decades and decades to come.” pic.twitter.com/FtsFW9i5Ry

— CryptosRus (@CryptosR_Us) August 19, 2026

Armstrong’s Message at the Summit

Armstrong kept his message focused. “What’s most important next, of course, is this September 15 vote that we have with the CLARITY Act,” he said. He argued that passing the bill would make the progress the Trump administration has achieved in crypto “durable into the future,” adding it could “survive for decades and decades to come.”

He also addressed the opposition. Some large banks, he said, do not want the competition that crypto companies would bring. Others in the banking sector have endorsed the bill, which Armstrong called “really powerful.” He concluded that “if we all come together, I think we can get this bill over the finish line and hopefully get more than 60 votes come September 15.”

Trump responded by emphasizing the bill’s bipartisan character. “It’s very bipartisan,” he said. Armstrong agreed, noting that Democrats have contributed hundreds of pages of changes to the legislation.

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The Bill and the Path Forward

The CLARITY Act aims to resolve a long-standing question in U.S. crypto regulation: which assets fall under SEC jurisdiction and which fall under the CFTC. The Senate Banking Committee advanced it in May 2026. It then stalled over disputes about stablecoin yield rules, ethics provisions, and anti-money-laundering requirements.

The September 15 procedural vote requires 60 votes. Ripple CEO Brad Garlinghouse was in the room as Armstrong spoke. Ripple has been one of the most prominent companies pushing for regulatory clarity in the U.S., largely because of XRP’s legal status and the company’s years-long battle with the SEC.

The CLARITY Act would establish a clear framework for determining whether a digital asset is a security or a commodity. XRP already has clarity, but that would extend to the broader industry and open institutional pathways for adoption.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Brian Armstrong is back in Washington. The Coinbase CEO returned to Capitol Hill pushing for the CLARITY Act to cross the finish line, and crypto commentator JackTheRippler (@RippleXrpie) shared the video of his update with the XRP community. Armstrong said the bill is “at the one-yard line” and that there is “a lot of bipartisan support to get this done.”

Renewed Support for the CLARITY Act

Armstrong’s presence in Washington is notable given his history with the legislation. In January, he pulled Coinbase’s support hours before a Senate Banking Committee markup, stating the bill was “materially worse than the current regulatory status quo.”

He rejected a revised version again in March over the same core issue of stablecoin yield restrictions. The withdrawals fractured the industry and forced the Senate Banking Committee to delay its scheduled vote.

The turning point came in April. A stablecoin yield compromise in May, negotiated by Senators Thom Tillis and Angela Alsobrooks, brought Coinbase fully back on board.

NEW: The CLARITY ACT momentum is growing.

CEO of Coinbase Brian Armstrong: "There is a lot of bipartisan support to get this done [CLARITY ACT]." pic.twitter.com/t0QOH7Sqrc

— JackTheRippler © (@RippleXrpie) July 26, 2026

Where the Bill Stands

The CLARITY Act cleared the Senate Banking Committee in May 2026. It sits on the Senate Legislative Calendar and is eligible for a full Senate floor vote. Senate Majority Leader John Thune confirmed he will bring it to the floor before the August 8 recess, whether or not it has the votes to pass.

The bill currently holds 51 confirmed or likely yes votes. It needs 60. Republican support is largely unified. 9 Democratic votes from a pool of 33 uncommitted senators are needed to reach the threshold.

The Midterm Factor

Armstrong made the political stakes explicit. “We’re just 100 days out from the midterm,” he said, urging supporters to keep the pressure on lawmakers. Analysts have consistently identified the pre-recess window as the last realistic opportunity for passage in 2026.

A failure to pass before August 8 shifts the legislative calendar toward midterm campaigning, and a less favorable Senate composition could follow November’s elections. Senator Cynthia Lummis believes missing the current window could push the bill to 2030.

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Industry Momentum Builds

Stand With Crypto members have sent 880,000 contacts to U.S. lawmakers. Armstrong credited them directly, saying they have been showing up in force and that it is making a difference.

The bill, if passed, would establish a federal regulatory framework defining when digital assets fall under SEC or CFTC jurisdiction. It would write commodity classifications for assets like XRP into federal statute, replacing interpretive agency releases that a future administration could reverse. Armstrong closed with a clear message: “Let’s get over to the finish line.”

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Cryptocurrencies continue to blur the line between traditional finance and digital assets, and XRP is now stepping into a new, more practical role. Once viewed primarily as a fast settlement token, XRP is increasingly recognized as a usable financial instrument within regulated systems, signaling growing institutional confidence.

A post by STEPH IS CRYPTO on X highlighted this development. Steph referenced a February 18 tweet by Brian Armstrong, Co-founder and CEO of Coinbase, announcing that users can now instantly borrow USDC against XRP holdings. The announcement also included BTC, ETH, ADA, DOGE, and LTC, reflecting Coinbase’s expansion of its crypto-backed loan offerings.

XRP Steps Into a Collateral Role

Using XRP as collateral allows holders to unlock liquidity without selling their assets. This change enables users to maintain exposure to potential price appreciation while accessing USDC instantly for trading, investing, or other financial needs.

Steph notes that this move positions XRP as a bridge between decentralized assets and traditional financial frameworks, integrating digital currency into regulated systems without compromising self-custody principles.

HUGE: Brian Armstrong says you can now instantly borrow USDC against your $XRP.

Your XRP is becoming collateral inside the U.S. financial system! pic.twitter.com/74FVBeSqvd

— STEPH IS CRYPTO (@Steph_iscrypto) February 26, 2026

By accepting XRP as collateral, Coinbase signals confidence in the token’s liquidity, market stability, and operational reliability. This development could encourage wider adoption among both retail and institutional users who have previously hesitated to leverage XRP due to perceived risk or lack of formal financial use cases.

Expanding the Crypto Lending Ecosystem

Coinbase’s integration of XRP into its lending platform represents a broader trend of crypto mainstreaming. By offering collateralized loans across multiple assets, the platform increases financial flexibility for holders while demonstrating how cryptocurrencies can serve functional roles beyond speculative trading.

Steph emphasizes that this expansion strengthens XRP’s utility and supports its growing adoption within regulated markets.

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Market and Strategic Implications

The ability to borrow against XRP could influence market behavior. Increased lending activity may raise XRP circulation within centralized and decentralized finance ecosystems, while also positioning the token as a viable asset for institutional liquidity management. Users now gain practical ways to leverage XRP for yield, credit, or capital efficiency, which could contribute to long-term market maturation.

Steph concludes that this development marks a significant step in XRP’s evolution. By enabling collateralized borrowing within a regulated U.S. platform, Coinbase transforms XRP from a speculative holding into a functional financial tool. As crypto-backed lending continues to expand, XRP’s role within both traditional finance and the broader digital asset ecosystem is poised to grow substantially.

This integration reflects a maturing market where cryptocurrencies like XRP are increasingly recognized for their utility, stability, and capacity to support real-world financial activity.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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The debate around Bitcoin’s long-term potential continues to intensify, with industry leaders suggesting the cryptocurrency could reach a $21 trillion valuation by 2030.

Coinbase CEO Brian Armstrong recently echoed the bold prediction that Bitcoin may climb to $1 million per coin within the next 5 years.

I think we'll see $1M per bitcoin by 2030.

Regulatory clarity is finally emerging, the US government is keeping a BTC reserve, there's a growing interest for crypto ETFs, among many other factors.

(Not financial advice of course, it's impossible to guarantee) pic.twitter.com/w5EfcYFvVp

— Brian Armstrong (@brian_armstrong) August 20, 2025

His outlook aligns with other prominent voices, including Robert Kiyosaki and Jack Dorsey, who see Bitcoin gaining global acceptance at an unprecedented scale.

Armstrong’s position is based partly on increasing government and institutional interest. He pointed to the United States’ initiative to establish a strategic Bitcoin reserve and suggested that other G20 nations could eventually adopt similar measures.

If this trend develops, demand from sovereign states and large institutions could become a major driver of Bitcoin’s sustained growth.

Currently, Bitcoin holds a market capitalization of approximately $2.3 trillion, surpassing both silver and major corporations such as Meta. Ethereum follows with around $570 billion, while XRP stands at about $182 billion.

Together, these figures form part of a global cryptocurrency market valued at $4 trillion, with Bitcoin maintaining a dominance of roughly 58%. Should Bitcoin hit $21 trillion, the entire cryptocurrency market could expand to $36 trillion.

Estimating XRP’s Value in a $36 Trillion Market

Projecting XRP’s future price under this scenario involves several assumptions. One straightforward approach is proportional growth. If Bitcoin grows from $110,750 to $1 million, a 764% increase, XRP could hypothetically rise by the same percentage.

Based on its current price of $2.82, this would place XRP around $26, with a market capitalization of roughly $1.57 trillion. Under the same framework, Ethereum could reach over $43,000 per token with a $5.2 trillion valuation.

Can XRP Outperform Bitcoin?

Some analysts argue that XRP could exceed these conservative estimates. Historical performance provides part of the reasoning. In the past year, XRP appreciated by over 400%, while Bitcoin advanced by less than 90% during the same period.

If this pattern of outperformance persists, XRP could deliver several times Bitcoin’s growth. In an extreme scenario, this would push XRP’s valuation above $100 and lift its total market cap close to $6 trillion. Nonetheless, such outcomes remain speculative.

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AI-Driven Forecasts

Artificial intelligence platforms have also offered their perspectives. OpenAI’s ChatGPT suggested XRP might trade between $20 and $35 if Bitcoin hits $1 million, though more optimistic cases point to $35–$68 or even higher.

Google’s Gemini placed XRP’s potential range between $8 and $42, while X’s Grok AI estimated $15–$30 as a baseline, with $50–$100 possible under strong institutional adoption and favourable regulatory shifts.

Factors That Could Influence XRP’s Growth

Several developments could provide tangible support for XRP’s expansion. Anticipated XRP exchange-traded funds (ETFs), expected by October, may attract significant capital inflows, with projections of $5 billion in the first month alone, similar to the surge seen in Bitcoin ETFs in 2024.

Ripple’s growing payments network is another key driver. Partnerships with major banks, including BNY, alongside the launch of RLUSD, a stablecoin tied to XRP for transaction fees, are enhancing real-world utility.

Moreover, the adoption of XRP in corporate treasuries has gained momentum. As of June, eight companies across industries, including technology, energy, pharmaceuticals, and cannabis, had collectively allocated nearly $1 billion to XRP holdings.

If Bitcoin achieves a $21 trillion market cap, XRP could realistically trade in the $20–$35 range, with higher values possible under favourable conditions. While projections above $100 remain highly speculative, factors such as institutional adoption, ETF launches, and Ripple’s expanding ecosystem could strengthen XRP’s long-term position.

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Nass Eddequiouaq (@nassyweazy), former CISO a16z, recently voiced frustration over his account being restricted on Coinbase, a leading cryptocurrency exchange. In a post on X, he shared an image showing a message from Coinbase stating his account was restricted.

The notification directed him to the Coinbase support page for assistance, but according to Eddequiouaq, the instructions on the support page looped him back to the initial restriction message, leaving him without resolution.

out of the blue, @coinbase restricting my account

(1) restriction instructions: please visit support page

(2) support page: please follow restriction instructions

worst customer support experience pic.twitter.com/RUvuNbQkHm

— Nass Eddequiouaq (@nassyweazy) November 28, 2024

Growing Frustration in the Community

Other users quickly echoed their grievances with Coinbase and similar platforms. One user commented about Coinbase misdirecting him to contact Solana customer service for a problem within Coinbase’s jurisdiction, calling the experience “utter madness.”

Another shared an issue with Kraken, a competing exchange, where his account was abruptly closed. Despite assurances of compliance, including keeping information updated over three years, he was informed that the reason for closure could not be disclosed for privacy reasons.

He speculated the scrutiny might stem from using a Ukrainian passport for Know Your Customer (KYC) processes, despite living outside Ukraine for over 15 years.

Eddequiouaq responded to this user, highlighting that regulated centralized exchanges (CEX) like Coinbase and Kraken might only withhold such information if money laundering, terrorism financing, or sanctioned activities were involved.

While Centralized Exchanges are a crucial part of the crypto ecosystem and often support struggling assets, problems like these frustrate investors, especially when kept in the dark.

Eddequiouaq was not the only one with complaints about Coinbase. One user shared his inability to speak with Coinbase support even after holding on to the chat line for four hours.

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Coinbase CEO Weighs In

Eddequiouaq’s post drew Coinbase CEO Brian Armstrong’s attention. He apologized for the inconvenience, stating that he would look into it.

Taking a look – apologies

— Brian Armstrong (@brian_armstrong) November 28, 2024

This drew some criticism from community members, as one user revealed that he had faced issues for longer periods but had not gotten a response from Armstrong or a resolution from the exchange.

According to him, Coinbase froze his account in 2020, and it stayed that way for ten months, with no updates provided throughout the ordeal. He vowed never to use the platform again.

Coinbase, like other exchanges, operates within a highly regulated environment, often requiring strict adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

However, the company’s opaque processes and lack of timely communication have alienated users, especially those whose accounts are restricted or frozen without detailed explanations.

Fred Rispoli, a well-known attorney in the crypto space suggested suing Coinbase, and many others suggested self-custody of keys and digital assets to ensure full control and avoid similar situations.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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In a tweet that has garnered substantial attention within the cryptocurrency community, Coinbase CEO Brian Armstrong publicly urged the new SEC chairman to withdraw what he described as “frivolous cases” and issue an apology to the American public.

This sentiment was echoed by Ripple CEO Brad Garlinghouse, who shared Armstrong’s call for a change in the regulatory approach toward digital assets.

Armstrong’s statement reflects mounting frustration within the crypto sector regarding the U.S. Securities and Exchange Commission’s (SEC) perceived inconsistencies and aggressive regulatory actions.

A response from a Twitter user, Timothy of Eugene, captured a common sentiment among some digital asset advocates, suggesting not only an apology but also accountability measures.

He called for serious consequences, including federal penalties for former SEC figures such as Gary Gensler, William Hinman, and Jay Clayton, labeling certain enforcement actions as “wanton” and harmful to businesses and investors. This response underlines the depth of distrust within parts of the digital asset community toward the SEC’s regulatory approach.

Conflicting SEC Statements on Digital Assets

Armstrong’s statement comes amid a backdrop of SEC statements on digital assets that have caused confusion and frustration. In a chart documenting various SEC statements over recent years, the inconsistency in the agency’s position on digital assets is evident. This lack of a clear stance has been cited by stakeholders as a primary factor in their frustration.

Key Issues and Inconsistencies

Is a Digital Asset a Security? The SEC’s position on whether digital assets qualify as securities has shifted over time. In 2018, the agency indicated that a digital asset “all by itself is not a security.” However, by 2021, it described digital assets as potentially embodying or representing an investment contract, suggesting they could indeed be classified as securities. This interpretation was once again altered in 2024, with the SEC first asserting that digital assets could represent an investment contract but then backtracking eight months later, declaring that a digital asset “itself” is not the security. Such discrepancies in classification contribute to the broader uncertainty surrounding SEC enforcement actions.

Is Bitcoin a Security? While the SEC stated in 2023 that it has never claimed Bitcoin to be a security, the agency’s recent commentary has muddied the waters. In 2024, the SEC reportedly provided no definitive answer on Bitcoin’s status as a security, suggesting that the question lacks a straightforward response. Shortly after, however, the agency affirmed that Bitcoin is “not a security.” This evolving position has left market participants unsure of how Bitcoin’s regulatory status might impact similar digital assets.

Can the SEC Regulate Digital Asset Exchanges? The SEC’s authority over digital asset exchanges has been another area of conflicting messaging. In 2021, the SEC acknowledged that there was no designated market regulator for crypto exchanges. By 2022, however, the agency asserted that Congress had provided it with a “broad framework” for regulating exchanges. This shift suggests an expansion in the SEC’s claimed regulatory jurisdiction, further complicating the regulatory landscape for digital asset platforms.

Is Existing Law Clear? The SEC’s stance on the clarity of existing securities law has also vacillated. In 2020, it expressed uncertainty, stating there was “no certainty” regarding whether digital assets were securities. Conversely, by 2023, the SEC claimed that a clear regulatory framework had been built over the past 90 years. This reversal raises questions about the stability and predictability of the SEC’s regulatory guidance, further fueling criticism from the digital asset sector.

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Industry Leaders Call for a New Regulatory Approach

The SEC’s shifting regulatory narrative has led Armstrong, Garlinghouse, and others to call for a reevaluation of the agency’s approach to digital asset regulation. The lack of regulatory clarity has resulted in a series of lawsuits and enforcement actions, often perceived as punitive or arbitrary.

Armstrong’s demand for the SEC to “withdraw all frivolous cases” suggests a growing desire for a regulatory reset, where enforcement would be grounded in consistent, transparent standards.

Garlinghouse, who shared Armstrong’s statement, has a vested interest in this matter, as Ripple has been embroiled in a protracted legal battle with the SEC. Ripple’s case has become emblematic of the broader issues faced by digital asset companies operating under regulatory uncertainty in the United States.

Ripple’s defense has frequently pointed to what it considers arbitrary regulatory actions, arguing that the SEC’s lack of consistent guidance has unfairly penalized the company.

The Path Forward for Digital Asset Regulation

The SEC’s inconsistent stance on digital assets and related issues has underscored the need for a coherent regulatory framework that balances investor protection with innovation.

While the SEC has stated that existing securities laws provide sufficient guidance, recent comments and actions indicate that the agency may lack a consistent framework for categorizing and regulating digital assets.

This inconsistency has led to calls for Congress to step in and establish clear, sector-specific regulations. Whether the SEC will heed this call remains uncertain, but the demand for regulatory clarity and fairness could remain a central issue as the digital asset space grows.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Coinbase CEO Brian Armstrong has said that the crypto trading platform may need to delist 13 digital tokens, including Cardano (ADA), as a result of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

The SEC lawsuit alleges that these tokens, which form a small fraction of the 240 assets available on the platform, are unregistered securities.

Read Also: Charles Hoskinson Announces Ambitious Goal to Onboard 5 Million People to Cardano Lace Wallet

In a recent interview with the financial times, Armstrong described the delisting of Cardano (ADA) and the other tokens as “the worst-case scenario” but downplayed the potential impact of such a move, suggesting that their delisting would not pose a substantial loss of revenue or present an existential crisis for the company.

Armstrong also dismissed the idea that Coinbase could relocate to more crypto-friendly countries amid ongoing regulatory scrutiny in the United States, contrary to recent speculation spurred by the firm’s procurement of a license in Bermuda. He emphasized that Coinbase has no backup plan for relocating its operations and is committed to staying in the country.

The SEC lawsuit is a major setback for Coinbase which has been one of the most vocal supporters of the crypto industry. However, Armstrong’s comments suggest that the company is prepared to weather the storm and continue to operate in the U.S., even if it means delisting some of its most popular tokens.

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Read Also: Top Analyst: Cardano (ADA) To Surge 2500% in the Next Bull Run, $7.8 Will Be Minimum ATH

The Future of Cardano (ADA) and Other Tokens

The future of ADA and the other tokens that are facing delisting is uncertain. However, Armstrong’s comments suggest that they may still be able to trade on other exchanges, even if they are not available on Coinbase.

It is also possible that the SEC lawsuit will be resolved in favor of Coinbase, in which case the tokens would be allowed to remain on the platform. Howbeit, it is too early to say what the ultimate outcome of the case will be.

In the meantime, investors who hold Cardano (ADA) and the other tokens that are facing potential delisting should be aware of the risks involved and should consult with a financial advisor to determine the best course of action.

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It has recently come to the knowledge of the public that the United States Securities and Exchange Commission (SEC) advised Coinbase, the largest US-based crypto exchange, to halt trading in all crypto in the country except Bitcoin (BTC) before suing the exchange last month for allegedly failing to register as a broker.

According to Coinbase CEO Brian Armstrong, the securities regulator also instructed the exchange to delist the over 200 tokens it offers on its trading platform, including Shiba Inu (SHIB), Cardano (ADA), and Solana (SOL), among others.

Read Also: XRP Lawsuit: SEC Chair Unpleased with XRP Non-Security Status for Retail Investors

In a conversation with Financial Times, Armstrong said, “The SEC made the recommendation before launching legal action against the Nasdaq-listed company last month for failing to register as a broker.”

Recall that on June 6, the SEC filed a lawsuit against Coinbase for allegedly breaching federal securities law by simultaneously operating as a broker, an exchange, and a clearinghouse for unregistered securities.

According to FT, Coinbase CEO said, “They came back to us, and they said. . . we believe every asset other than bitcoin is a security. And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”

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Read Also: Here’s why Top Lawyer Bill Morgan Thinks Ripple CEO is Confident of a Win in XRP Lawsuit

Armstrong revealed that the instruction from the SEC left the crypto exchange with no choice but to head to court to seek interpretation of the laws that guide securities in the United States.

The SEC, on the other hand, told FT that its enforcement division did not formally request companies to delist crypto assets, stating that during investigations, the staff may share its own view as to what conduct may raise questions for the commission under securities laws.

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Brian Armstrong, the CEO of Coinbase, the largest US-based crypto exchange, has recently stated that the exchange is prepared to face the United States Securities and Exchange Commission (SEC) in court.

The CEO made this known after Coinbase received a Wells Notice from the Securities Watchdog in March, which stated that the agency was preparing to file an enforcement action against the exchange for allegedly violating securities laws in the country.

Read Also: What Coinbase CEO Brian Armstrong Has To Say about Ripple-SEC Case

In a new interview with CNBC, Armstrong stated that the exchange did not receive any notification before the notice was issued.

The CEO added that the SEC failed in its responsibility to establish clear standards for the crypto market, making the court the last resort for the needed clarity.

In the course of the conversation, Armstrong made it clear that Coinbase is prepared for a lengthy battle with the SEC in case the lawsuit will take years to conclude, such as that of Ripple in relation to XRP security status.

He’s also optimistic that the exchange has all it takes to win the SEC in court.

Brian Armstrong noted:

“Over the last year, we had 30 meetings and never got a single piece of feedback from them about what we could be doing better or differently and then this Wells Notice arrived, so it’s really unfortunate…

“I think we’re gonna have to actually end up going to court to get the clarity we need and create that case law. It’s an abdication of responsibility. I mean, the regulator’s job is to publish a fear rulebook and allow that market to be safe, also to flourish in that country and I think they’ve completely abdicated responsibility…

Read Also: Ripple’s Brad Garlinghouse Welcomes Brian Armstrong to the Party as SEC Threatens to Sue Coinbase

“We never seek litigation but it seems in this case that they have initiated it and if we need to get the courts to get the clarity that we need, we’re very prepared to do that…

“I think the law is on our side and the SEC has to follow rule of law. I think their actions would not be sympathetic to a jury and so we’re very prepared for this. We’re going to court to win. Just to be clear, I think we have a very strong case and that’s exactly what we intend to do.”

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