SNEAK PEEK
- Coinbase CEO praises UK’s “sensible” crypto regulations
- Armstrong expresses apprehension over the de-banking trend.
- Armstrong sold $1.8M worth of Coinbase stocks in April.
Coinbase CEO Brian Armstrong has expressed excitement over the UK’s plans to implement sensible cryptocurrency regulations promoting economic growth and consumer protection. In a recent meeting with UK Economic Secretary and City Minister Andrew Griffith, Armstrong praised the country’s forward-thinking approach to the industry and vowed to continue investing in the region.
Great meeting today with UK Economic Secretary and City Minister @griffitha.
The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK. ?? pic.twitter.com/478PQSLmDe
— Brian Armstrong (@brian_armstrong) April 17, 2023
As the UK strives to become a global leader in the crypto space, Armstrong’s endorsement is a significant endorsement of the country’s efforts to balance innovation and safety, according to enthusiasts.
Additionally, Armstrong has expressed apprehension regarding the recent trend of de-banking certain cryptocurrency firms in the United Kingdom. Furthermore, the CEO also highlighted the potential negative consequences of the “cooling off” period introduced under the financial promotion regime earlier this year.
A few points we shared:
1. Some UK banks are blocking fiat payments to crypto companies which is not ok.
Good fraud controls make sense, a blanket ban does not (and is likely not lawful). Needs further education and collaboration.2. The Financial Promotion regime goes too far…
— Brian Armstrong (@brian_armstrong) April 17, 2023
According to a recent report from Sky News U.K., the Treasury is set to revive the Asset Management Taskforce under the leadership of City Minister Griffith. This move allegedly aims to promote better collaboration between the government, the FinTech and cryptocurrency industries, and the Financial Conduct Authority (FCA), the local financial regulator.
The taskforce was established in 2017 to facilitate communication among these stakeholders. With the resurgence of the Taskforce, stakeholders can expect increased support for developing innovative financial products and services.
In other related updates, Dataroma data reveals that the CEO of Coinbase, Brian Armstrong, sold $1.8 million worth of the company’s stock in April. This was reportedly done through six separate transactions on April 12th, where Armstrong sold 29,730 Coinbase shares.
