Coinbase News: Coinbase, the largest crypto exchange in the US, is reported to be relocating abroad. Securities and Exchange Commission regulations are not clear on the crypto industry. However, it looks like Coinbase will have to go through a long and difficult legal process.
Also Read: Coinbase Set To Launch Base Mainnet Within 2023
Coinbase CEO Meets SEC To Push For Clarity
Brian Armstrong, Coinbase CEO, tweeted about a meeting with the US Securities and Exchange Commission. He stated that the crypto exchange intends to fight for clear rules in the U.S. The news that followed was that the financial regulator sent a “Wells notice” to the crypto-exchange concerning the listing of digital assets and services such as staking, wallets and other services.
Armstrong highlighted that the U.S. cannot afford to miss the opportunity to update the financial system. It is important that regulators set the right policies and enforce them. He suggested that Congress should intervene.
The meeting between Coinbase CEO and the commission has come after his recent summit with a few members of Congress. Coingape reported that Armstrong said that the SEC’s policies have caused the nation a lot of damage and the crypto industry must act in response.
Also ReadU.S. SEC Cracks Down On Crypto Firm, Secures Historic $2.8 Mn Settlement
To conclude, Armstrong sent a message saying that he was flying back to the West Coast to work on improving products. He wrote:
The best thing that we can do as a policy is to drive utility, making crypto more useful. This will help us grow from a few hundred million crypto users (as an Industry) to a billion. It’s time to build!