Armstrong is protecting his own interests here, now that figures like Sen. Elizabeth Warren (D-Mass.) and Gensler are calling for tighter regulation of U.S. exchanges. Clearer rules are clearly needed but have to be done right. Given the inherently borderless nature of crypto, if regulators get overly burdensome, they would only succeed in creating the next Singapore-based Terra or Bahamas-based FTX. “[P]unishing U.S. companies for this makes no sense,” Armstrong added.