Brian Armstrong address SEC Rumors

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We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.

2/ Staking is a really important innovation in crypto. It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.

3/ Staking is not a security. Here’s a good primer:

paradigm.xyzEthereum's New ‘Staking’ Model Does Not Make ETH A Security. - Paradigm1. Introduction In the wake of Ethereum’s transition to a proof-of-stake consensus mechanism (“the Merge”), various commentators have suggested that Ethereum’s new staking model could result in its...

4/ We need to make sure that new technologies are encouraged to grow in the US, and not stifled by lack of clear rules. When it comes to financial services and web3, it's a matter of national security that these capabilities be built out in the U.S.

5/ Regulation by enforcement doesn’t work. It encourages companies to operate offshore, which is what happened with FTX.

6/ Hopefully we can work together to publish clear rules for the industry, and come up with sensible solutions that protect consumers while preserving innovation and national security interests in the U.S.

https://twitter.com/brian_armstrong/thread/1623459203150131201