The CEO of Coinbase, Brian Armstrong, has opposed calls for a temporary moratorium on the development of artificial intelligence (AI) more powerful than GPT-4, the latest iteration of AI chatbot ChatGPT. Armstrong dismissed the open letter calling for the pause that had been signed by over 1,700 people, including Elon Musk, Steve Wozniak, and Andrew Yang. The letter expressed concerns over the risks to society and humanity posed by AI systems with human-like intelligence. Armstrong, however, argued that dangers existed with many technologies and that the benefits far outweighed any negative aspects. He urged people not to let fear stop progress and warned against efforts to create central authorities. ChatGPT is a GPT model designed to produce human-like language, which is widely used in natural language processing applications such as chatbots, language translation, and content creation. Critics fear that deceptive performance claims may be made using ChatGPT, leading to accusations of violating Federal Trade Commission Act regulations. The use of AI systems has been raising concerns over ethical issues, the role of machines in human communication and decision-making, their potential impact on employment and social inequality, as well as fears over potential risks to society and humanity.

Coinbase CEO Brian Armstrong took to Twitter to share his thoughts on the Wells notice issued by the U.S. Securities and Exchange Commission (SEC) last week, stating that it had led to a noticeable boost in morale. He emphasized the importance of continuing to develop and contribute to the firm's product line. Additionally, Coinbase is encouraging developers and builders on Base, its Ethereum layer 2, to focus on flatcoins or non-fiat pegged stablecoins, among other critical areas. Flatcoins are stablecoins that track the rate of inflation, enabling users to have stability while limiting exposure to economic uncertainties. The American crypto giant cited the recent turmoil in the banking industry to highlight the need for such a stablecoin. The blog post also listed three other areas for builders on Base to focus on, with the Base Ecosystem Fund offering early-stage investment in projects.

Coinbase moved forward a Twitter Space on crypto regulation previously planned for Friday following the Wells Notice served to it by the SEC this week.

Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC)

Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC), according to data shared on Twitter by crypto sleuth, @theirish_man.

Brian Armstrong, the CEO and co-founder of crypto exchange Coinbase has compared the Securities and Exchange Commission (SEC) to “soccer refs” in a game of pickleball, criticizing U.S. regulators for not being able to “agree on the rules” of “this new game.” The comments came after Armstrong revealed that his firm had been issued a Wells Notice on March 22 — which he had noted “typically precedes an enforcement action." The Coinbase CEO has been critical about the seeming lack of clarity from United States regulators around crypto regulation. There has also been an ongoing debate on who should be the primary body regulating crypto. (Cointelegraph)

Insiders at Coinbase, including CEO Brian Armstrong and other executives, have sold approximately $7.4 million worth of company stock over the past 30 days.

Armstrong sold $5.8 million worth of stock. The sales included 30,000 shares which were sold on March 21 for $2.24 million.

Coinbase CEO Brian Armstrong warns that the company may adjust its investments due to the lack of clear regulations in the U.S.

The ongoing war on crypto by U.S. regulators could do lasting damage to the country’s financial system, according to Coinbase CEO Brian Armstrong.