Key Points
- Coinbase Chief slammed the US regulatory scope
- “Anything is on the table, including relocating or whatever is necessary,” says Armstrong Coinbase
As the US financial watchdog is creating a sour environment for the crypto firms, crypto firms have started exploring alternatives, and sadly, many of them may be forced to relocate from the US. Are US crypto traders about to start trading only memes with international crypto friends?
According to Brian Armstrong, the CEO of Coinbase, the exchange may consider leaving the US should the regulators refuse to provide proper regulatory clarity on cryptocurrency.
“I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing the regulatory clarity that we need,” Armstrong said, while speaking to the former U.K. Chancellor George Osbourne in a Fintech Week after he was asked whether Coinbase may relocate from the US.
“I think in a number of years if we don’t see that regulatory clarity emerge in the US we may have to consider investing more elsewhere in the world, ” Armstrong added.
Armstrong criticizes the US scope of regulation, citing that of the UK as a better scope for greater clarity on regulations, in the UK, the Financial Conduct Authority (FCA) is responsible for both commodities and securities, unlike the US with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and most of the time, both Commissions do have a turf battle.
“You don’t have this unfortunate thing happening where the CFTC and the SEC are having a turf battle,” Armstrong said.
Coinbase Chief has always been a regulatory rockstar, always jamming about proper and clear crypto regulation, following the November FTX fiasco, he sang some songs to the ears of regulators, he was like, Hey! Regulatory, let us groove to the rhythm of clear and proper crypto regulation, adding some beats of regulatory clarity to the jam.
The exchange has also been served a Wells Notice by the US financial regulators earlier this year about possible litigation over the possible listing of securities which are not registered with the appropriate commission.
Coinbase is currently the largest cryptocurrency exchange in the US, if it leaves the US, it will be a huge blow to crypto enthusiasts in the US.
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