Coinbase CEO Speaks Out Against The CFTC

Coinbase CEO Brian Armstrong has spoken out on X against the recent enforcement actions by the CFTC against decentralized (DeFi) protocols; stating it will “push an important industry offshore” and “it’s highly unlikely the Commodity Exchange Act even applies to them.”

Armstrong went further, suggesting “these DeFi protocols take these cases to court to establish precedent” given “the courts have proven to be very willing to uphold rule of law.”

Armstrong and Coinbase as a whole have consistently criticized several regulatory agencies in the United States, including the Securities and Exchange Commission and the Commodity Futures Trading Commission; stating these agencies are largely stifling innovation, deterring businesses from the country, and asserting unfounded regulatory authority over the space as a whole.

It’s unclear what the implications for the wider industry could be as these enforcement actions against decentralized protocols progress further, but The Cardano Times will update you on the story as we learn more.