Coinbase's CEO speaks out for DeFi companies, suggesting they fight in court against U.S. rules he believes are wrongly used.
Coinbase CEO, Brian Armstrong, supports decentralized finance (DeFi). He recently wrote on social media that DeFi companies should consider going to court. He believes that U.S. laws are being wrongly used against them and is pushing them away to other countries.
He said on X (a platform like Twitter) that the U.S. Commodities and Futures Trading Commission (CFTC) shouldn't punish DeFi companies. He thinks that the laws they're using might not even apply to these businesses. Recently, the CFTC acted against three DeFi companies, accusing them of trading without permission.
Apart from Armstrong, some politicians also support DeFi. Commissioner Summer Mersinger thinks the CFTC should focus on clear rules for DeFi, instead of quickly punishing them. She wants more open discussions and guidelines.
In June 2023, the CFTC won a case against a company called Ooki DAO, which was accused of illegal activities. They had to pay a fine of over $600,000. Lately, big cryptocurrency companies like Coinbase and Binance are facing more checks by U.S. authorities.