Coinbase CEO Accuses EU of ’Looting’ US Tech Firms Through Regulatory Fines
Coinbase CEO Brian Armstrong has launched a scathing critique of European Union regulatory practices, alleging the bloc prioritizes fines over fostering technological innovation. The executive claims EU penalties on US tech firms now exceed corporate tax contributions from Europe's own public tech companies.
Armstrong's remarks follow revelations that EU regulators collected €3.8 billion ($4.4 billion) in fines from American tech companies in 2024—surpassing the €3.2 billion ($3.7 billion) in taxes paid by European tech firms. 'This isn't regulation—it's looting,' Armstrong stated, suggesting the approach stifles economic growth.
The fines include €400 million under data protection laws and €3.4 billion from antitrust enforcement, Digital Markets Act, and Digital Services Act violations. The figures highlight growing tensions between global tech leaders and EU regulators pursuing aggressive digital governance policies.
