Key Point
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The CEO of Coinbase has revealed that the crypto exchange could possibly relocate from the US if there is no regulatory clarity.
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Brian Armstrong noted that the US has the potential to be an important market for cryptocurrency, but he called for more regulatory clarity.
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Recently, Coinbase received a Wells Notice, which is a warning that regulatory action may be imminent.
Coinbase Could Move Abroad if US Regulatory Clarity Fails
Brian Armstrong, the CEO of CoinbaseThe cryptocurrency exchange, has confirmed that it would consider relocating its headquarters to another country. United States if there is no regulatory clarity in the US.
This was revealed during Armstrong’s speech at Fintech Week London. According to him, the US needs to provide more regulatory clarity in order to make the crypto ecosystem thrive.
“Anything is on the table, including relocating or whatever is necessary. 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. I think in a number of years, if we don’t see that regulatory clarity emerges in the U.S., we may have to consider investing more elsewhere in the world.”
UK has a clearer regulatory atmosphere
Armstrong also praised the regulatory efforts of the United Kingdom. The only agency that regulates commodities and securities is the Financial Conduct Authority (FCA).
In the United States, the Commodity Futures Trading Commission (CFTC) is in charge of the commodities while Securities Exchange Commission is responsible for securities. According to Armstrong
“You don’t have this unfortunate thing happening where the CFTC and the SEC are having a turf battle. We actually have contradictory statements from the heads of the CFTC and the SEC coming out almost every few weeks – how’s a business going to operate in that environment? We just want a clear rulebook.”
Armstrong’s comments came shortly after Coinbase The aforementioned received a Wells Notice SEC: The Wells Notice You can also read about the warnings below. Coinbase It is a warning that regulatory action may be imminent for listing securities not registered on its platform.
The CEO Commentary Coinbase It is not surprising that the results are as expected by the SEC’s actions.
