It has been revealed that the Coinbase CEO said that the 2024 election is going to play a massive role in crypto regulation. Check out the latest reports below.
Coinbase CEO addresses crypto regulation
During a conference in New York on Thursday, Coinbase CEO Brian Armstrong expressed his belief that the forthcoming U.S. presidential election next year has the potential to be a pivotal moment for the crypto industry.
Armstrong also mentioned that the current lawsuit brought against the exchange by the U.S.
Securities and Exchange Commission may eventually lead to greater regulatory clarity for the industry as the case progresses through the legal system.
“Frankly, the 2024 election is also a factor here,” Armstrong added. “It’s kind of politically unpopular to be anti-crypto right now, and we are going to see potentially a change here, whether in administration, parties or the SEC chair.”
Armstrong also alluded to the SEC’s suit against rival exchange Binance according to the reports coming from the online pubcalition The Block.
“As we’ve seen other enforcement actions come down — which, I have to remind people, we’re engaged with the SEC on a civil matter, that’s kind of a technical matter on what is a commodity and what is a security, the courts can help get clarity there,” he said.
“The other issue we’re seeing is different. There are criminal matters. There are allegations of [illegal] trading, commingling of funds, executives and CEOs being named personally. None of that is really an issue at Coinbase.”
Coinbase in the news
Last week, Coinbase’s stock price saw a rise of almost 6%, with analysts’ average price target also slightly increasing, according to The Block Research.
Despite the US Securities and Exchange Commission’s lawsuit against the exchange operator, Coinbase traded up by 5.93% to end the week’s session at $55.59.
Since the SEC announced its suit on June 6, the stock has increased by over 7%.
In the meantime, the average price target for COIN saw a slight increase from $69.17 per share to $69.70 as of June 18, as one broker removed its sell rating coverage for the stock, leading to an elevation in the consensus coverage rating.