Brian Armstrong: SEC's crypto asset regulation proposal will boost industry development

Coinbase CEO Brian Armstrong welcomed the U.S. Securities and Exchange Commission's (SEC) proposal to regulate crypto assets, saying the proposal would provide clear rules for the development of the crypto industry. The proposal aims to create a framework for certain investment contracts and fundraising activities, allowing for specific product offerings of up to $5 million over four years and up to $75 million per year without SEC registration. Armstrong also called on Congress to pass the Clarification Act to further promote compliance in the crypto market. The proposal will enter the public comment stage, and the SEC said it will open a 60-day comment period.