Donald Trump

Chair

President Donald Trump

Coinbase CEO Brian Armstrong recently suggested that the next chair of the United States Securities and Exchange Commission (SEC) should apologize for the “damage” he believes the agency has caused to the crypto industry.
On Oct. 29, Armstrong shared a post compiling examples of what he called the SEC’s conflicting statements over the years. He highlighted inconsistencies in the agency’s stance on whether digital assets like Bitcoin are considered securities, its authority over crypto exchanges, and whether current laws apply clearly to the crypto space.
Armstrong stated, “The next SEC chair should apologize to the American people and withdraw all frivolous cases.” He added that while this may not undo the harm caused, it could help rebuild public trust in government institutions.
With the U.S. election approaching, Armstrong has voiced support for pro-crypto Senate candidates, including David McCormick, former Bridgewater Associates CEO, and John Deaton, an attorney advocating for XRP.
On Oct. 20, Armstrong tweeted his endorsement for McCormick, saying he’s “the better candidate on crypto” for Pennsylvanians. He also endorsed Deaton, who is challenging Democratic Senator Elizabeth Warren in Massachusetts. Armstrong asserted that Warren played a role in SEC Chair Gary Gensler’s appointment and encouraged Gensler to take an adversarial stance on crypto.
Armstrong has not yet endorsed any presidential candidate, but if former President Donald Trump wins the upcoming election, a more crypto-friendly SEC chair could be appointed.
Trump has previously stated that he would dismiss Gensler on “day one” and appoint someone who wants to “build the future, not block the future.”
Former SEC and government officials have suggested that if Trump were to return to office, he might consider appointing Dan Gallagher, Robinhood’s chief legal officer and a former SEC commissioner, as the next chair. Other potential candidates under a Trump administration include former SEC General Counsel Robert Stebbins, Commissioner Hester Peirce, or former CFTC Chair Chris Giancarlo.

Coinbase CEO Calls for Apology from New SEC Chair

Crypto Intelligence

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