Brian Armstrong has some strong words for the next chair of the SEC: they owe Americans an apology for the harm done to the crypto industry.
Public servants they say
Armstrong shared a collection of the SEC’s conflicting statements over the years.
He pointed out the agency’s inconsistent views on whether digital assets like Bitcoin are considered securities, as well as its unclear stance on regulating crypto exchanges and existing laws.
Armstrong believes that an apology is necessary and that all “frivolous” legal cases should be dropped.
While he acknowledges that this won’t erase the damage already done, he feels it could help rebuild trust in government institutions.
Vote for crypto
As the U.S. elections draw near, Armstrong is also getting involved in politics by endorsing Senate candidates who support crypto.
He’s thrown his weight behind David McCormick, a former CEO at Bridgewater Associates, and lawyer John Deaton, who’s running against Senator Elizabeth Warren.
Armstrong tweeted that McCormick is the better candidate on crypto for Pennsylvania residents, and in another post, he encouraged voters in Massachusetts to consider Deaton, pointing out that Warren was instrumental in getting SEC Chair Gary Gensler appointed.
He claims she has pushed Gensler to take actions that could harm the crypto industry in America.
While Armstrong is backing Senate candidates, he hasn’t yet endorsed anyone for president.
Make crypto great again?
If former President Donald Trump makes a comeback in the upcoming election, he’s pretty likely to appoint a more crypto-friendly SEC chair.
Trump has already promised to fire Gensler on his first day back in office and has stated he wants a chair who believes in building the future, not blocking it.
On October 7, a former SEC official mentioned that Dan Gallagher, Robinhood’s chief legal officer, would be a great fit for the SEC chair position under a Trump administration.
Gallagher has experience as an SEC commissioner from 2011 to 2015 and joined Robinhood in 2020.
Other names being floated include former SEC General Counsel Robert Stebbins, current SEC Commissioner Hester Peirce, and Chris Giancarlo, who is also a former chair of the Commodity Futures Trading Commission.
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