Coinbase CEO, Brian Armstrong, advised the crypto world that insider trading is prohibited and could put people in jail. Insider trading is when someone buys or sells a stock with information that not everyone has access to and does so before other people do. The warning by Armstrong arrived shortly after Hayden Davis, a meme coin “launch strategist”, spoke out about insider trading and market manipulation. But Davis also said that during the initial token launch, there were people who got access before everyone else and who saw an opportunity to make money early.
According to Armstrong, meme coins have always been a feature of crypto. Even, he said that “Bitcoin is somewhat of a meme coin,” as the value of Bitcoin comes from people’s shared belief in it. Dogecoin is a popular meme coin, and Armstrong believes that they can ultimately become something true worth. He likened them to the early internet, a time when fun things like animated GIFs were a part of a greater digital era.
Yet, Armstrong is afraid that some meme coins have gone too far away. But he said that Coinbase will not support scams and it lets people trade any legal token. He explained: “If customers want it, and it’s legal, they should have the choice.” He also stressed that anyone who breaks the law, particularly through insider trading, will face serious consequences.
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Moving forward, Armstrong thinks meme coins could assist in spreading blockchain technology, introducing new innovations, and enticing more people to join the crypto world. He also said that the crypto industry needs new rules to protect people’s economic freedom.
Therefore, Armstrong hopes that the crypto world can become stronger through teamwork as scammers are removed and genuine projects are supported.
Also read: US Senate Confirms Bitcoin Advocate Howard Lutnick as Commerce Secretary
