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Coinbase CEO Brian Armstrong says the $4.3 billion settlement deal agreed by Binance in the US in connection with multiple criminal charges is an opportunity for the crypto industry to have a reset.
“We now have an opportunity to start a new chapter for this industry,” Armstrong said in a tweet posted on X. “My hope is that today’s news serves as a catalyst.”
Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…
— Brian Armstrong (@brian_armstrong) November 21, 2023
Armstrong’s remarks were echoed by crypto lawyer Carlo D’Angelo, who says Binance’s settlement with the Department of Justice “is a good thing for crypto.”
CZ falling on the sword—agreeing to plead guilty and pay a fine to keep Binance global operations going—is a good thing for crypto imho. pic.twitter.com/nOIEEA0P92
— Carlo⚖️.eth (@DeFiDefenseLaw) November 21, 2023
Coinbase is well-positioned to capitalize on the next chapter in the industry’s history. Ripple lawyer John Deaton said that the exchange will be a big winner, given that it also is at the centre of applications for spot Bitcoin ETF (exchange-traded fund) filings.
US Regulators Say Crypto Industry Must Change
US Attorney General Merrick Garland said the prosecution of Binance and the recently concluded criminal case against FTX founder Sam Bankman-Fried should send a clear message to the rest of the crypto industry that it must learn to be compliant.
“Using new technology to break the law does not make you a disruptor,” he said. “It makes you a criminal.”
US Treasury Secretary Janet Yellen, a long-time crypto critic, also warned that crypto firms that want to operate in the US must comply or face government action.
“If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the US financial system and serving US customers, they must play by the rules,” she said.
Crypto industry figures said US regulators must also do their part to ensure there is a clear regulatory framework for the industry to work within. The Chief Legal Officer at Coinbase, Paul Grewal, said a thriving crypto economy in the US depends on clear and sensible regulations.
“To create a thriving cryptoeconomy in the US, we need clear, sensible regulation so American consumers have access to secure domestic crypto services,” he said.
I’m watching the @binance news, too. While we wait for a DOJ announcement, a reminder: crypto isn’t going anywhere. But to create a thriving cryptoeconomy in the US, we need clear, sensible regulation so American consumers have access to secure domestic crypto services. 1/4
— paulgrewal.eth (@iampaulgrewal) November 21, 2023
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