![\"Coinbase](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/02\/coinbase-ceo-768x432.jpg\")
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Coinbase CEO Brian Armstrong has called on Congress to pass clear crypto legislation, warning that the U.S. risks losing its status as a financial hub. \u201cCrypto is open to everyone in the world and others are leading,\u201d the executive stressed.<\/strong><\/p>\n The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has called on Congress to pass clear crypto legislation. He tweeted Wednesday:<\/p>\n America risks losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation.<\/p>\n<\/blockquote>\n \u201cCrypto is open to everyone in the world and others are leading,\u201d he added, mentioning the EU, the U.K., and Hong Kong.<\/p>\n Besides Armstrong, many people have complained<\/a> that crypto regulation in the U.S. is not clear, making it difficult for companies to comply. However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has insisted that the law is clear<\/a> and that most crypto tokens are securities.<\/p>\n Gensler has been criticized for taking an enforcement-centric approach to regulating the crypto industry. Recently, the securities watchdog took action against crypto exchange Kraken<\/a> over its taking program. The commission also sent a Wells Notice to Paxos<\/a> over stablecoin Binance USD (BUSD). On Thursday, it charged Terraform Labs<\/a> and CEO Do Kwon with defrauding investors.<\/p>\n Coinbase has insisted that its staking services are not securities<\/a>. Armstrong tweeted on Feb. 12: \u201cCoinbase\u2019s staking services are not securities. We will happily defend this in court if needed.\u201d Moreover, Coinbase tweeted on Feb. 14:<\/p>\n We don\u2019t know what aspects of BUSD might be of interest to the SEC. What we do know: stablecoins are not securities.<\/p>\n<\/blockquote>\n While the U.S. is tightening its regulation on crypto, several other jurisdictions are striving to become a cryptocurrency hub, including Singapore<\/a>, Hong Kong<\/a>, and South Korea\u2019s second-largest city, Busan<\/a>.<\/p>\n The CEO of Kraken, Jesse Powell, also called on Congress to pass legislation on cryptocurrency after his exchange settled with the SEC and agreed to pay $30 million. \u201cCongress must act to protect the domestic crypto industry and U.S. consumers who will now be going offshore to obtain services no longer available in the U.S.,\u201d Powell wrote<\/a>.<\/p>\nCoinbase\u2019s CEO on Cryptocurrency Regulation<\/h2>\n
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