The Securities and Exchange Commission's recent warning about cryptocurrency is "not good for America".
That is according to Brian Armstrong, the CEO of Coinbase Global, who has released a video message in which he's critical of the regulator's attitude towards his firm.
Armstrong observed that the SEC's recent warning "is not constructive" and is "not good for America".
Earlier this year, Coinbase suffered a sharp fall in its stock price after it received a Wells Notice from the SEC.
The regulator noted it had made a "preliminary determination" to recommend an enforcement action against the company for violations of federal securities laws.
However, Coinbase's chief legal officer, Paul Grewal, subsequently defended the company.
He said in a blog post at the time: "We are confident in the legality of our assets and services, and if needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets."
Coinbase has also defended itself in a new letter sent to the SEC.
The company explained: "This abrupt move toward litigation did not result from discovering new facts about Coinbase’s business; the Commission has the same facts today that it has had for years.
"Nor does it result from the Staff’s discovery of something that Coinbase concealed or misrepresented in its extensive engagement with the Staff, including during the registration process. Coinbase did no such thing.
"Instead, the threat of imminent litigation appears to be intended to pressure Coinbase to accept demands that the Commission simply does not have the authority to order."
