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00:00How far do you think you're gonna have to go here? Yeah. Well, this was not unexpected. You know, we've been in discussion with the FCC for a long, long time. Even going back to before we were a public company, we started sharing with them how we operate our business, how we list assets on the platform, how we think about our staking program and through a large number of dialogues back and forth. They allowed us to become a public company. You know, we had many discussions with them in the last year when their their tones started to change and they started to come to us with more questions about the business. So we were very forthcoming. We met with them probably 30 times over the last year. And we started to kind of ask them for feedback. And we said, you know, we would like there to be a robust market in the US to trade crypto securities. Of the thousand plus assets we'd we've reviewed today, we've rejected 90 percent of them. The ones we'd trade, we believe, are commodities. What feedback do you have for this for us? How can we come in and register? How can we work together? And unfortunately, we were met with silence. We really got no feedback in those 30 meetings. The first meeting where they were scheduled to come and give us feedback. They canceled it a few days before that. And then we got a wells notice a few days after that. So it's really unfortunate. We work with regulators all over the world, other regulators here in the US. I think I'm a reasonable person to get along with. But unfortunately, the S.E.C. under this chair has taken a regulation by enforcement approach instead of creating a clear rulebook in the US that can allow this industry to be built in a safe and trusted way. Now, when was the last time you personally met with Gary Gensler and what did you say? Right. So when he first came in as the chair, I I flew out to New York. I mean, I reached out to him. Our teams reached out. I tried to make an effort to connect with him in person, because that's what I try to do whenever a new regulator kind of comes in. Unfortunately, we were not able to connect at that time. I'm not sure why we couldn't get on his calendar. And we followed up a few times in the in the year after that. We eventually got a meeting that was virtual. You know, it may have been Covid related or something like that, but we were able to get a virtual meeting. But unfortunately, it was frankly like a pretty icy reception. I would say, you know, we sort of came in hat in hand and said, hey, check Gensler. You know, you've asked people to come in and register respectfully. We're here to register. What would you like us to do? What what process would you like us to go through? And his response was, you know, talk to your lawyer. I'm not here to advise you.

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Coinbase CEO Says He Got 'Icy' Reception From SEC's Gensler

Coinbase CEO Brian Armstrong recounts his virtual meeting with Securities and Exchange Commission Chair Gary Gensler. The SEC is suing Coinbase for a range of alleged violations. Armstrong speaks to Sonali Basak at Bloomberg Invest New York 2023. (Source: Bloomberg)

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