• Vinny Lingham spoke about the future of cryptocurrency and Bitcoin in the U.S. amidst regulatory actions against Coinbase and Binance.
• He believes that the SEC going after a compliant industry is surprising, yet it was not an anomaly as they are going after almost everyone.
• Lingham also believes that if there are more legit coins listed on exchanges, it would lead to more clarity among traders.
Vinny Lingham Discusses Regulatory Actions Against Coinbase & Binance
Tech entrepreneur Vinny Lingham appeared in an interview with Jason Calacanis on 30 March, where he spoke about the future of cryptocurrency and Bitcoin [BTC] in the U.S. amidst regulatory actions against Coinbase [BASE] and Binance [BNB].
SEC’s Wells Notice To Coinbase Surprising
Regarding the Securities and Exchange Commission (S.E.C.)’s Wells notice to Coinbase, Lingham acknowledged that the regulatory body going after a compliant industry was surprising. However, it was not an anomaly, as the body was going after almost everyone.
He added that there is a lack of clarity regarding the SEC’s jurisdiction; besides, somebody on the regulatory body must have green-lit Coinbase listings at some point.
Lingham Advises Not To Invest In Or Short Coinbase
Lingham said that though it doesn’t seem good for Coinbase in the short-term, it is a good thing that this battle is finally going to the courts as this would at least give some level of clarity regarding the status of crypto assets in the country.
In response to another question, Lingham said that he would rather not invest in Coinbase than short it.
Regarding its dismal performance in recent months, he said that though the market was bearish, there may be renewed interest as evidenced by Bitcoin’s price increase.
Jason Calacanis highlighted a potential cash crunch that could happen at Coinbase.
Coinbase Should Focus On Trading Services & AI
In response, Lingham said that Coinbase was focusing on too many projects instead put its eggs into becoming a trading services provider. It could also bring in more AI to cut down its workforce due to low adoption rates for long-term projects.
Regarding Commodity Futures Trading Commission (CFTC)’s lawsuit against Binance amidst allegations of helping customers circumvent compliance controls; Lingham appreciated their efforts and said rules should be enforced if evidence exists against them.< / P >< / H 2 >< H 2 >Lingham’s Two Cents On Bitcoin < P >Lingham also underscored pump-and-dump coins similar to penny stocks which were clamped down by SEC – listing more legit coins on exchanges will lead to increased clarity among traders.< / P >< / H 2 >< P >& nbsp ;