Coinbase Reverses Decision: Remains in U.S. Market


Coinbase Global Inc is in focus this morning after CEO Brian Armstrong confirmed that the crypto company was not considering leaving the United States.

“Coinbase is not going to relocate overseas. We’re always going to have a U.S. presence,” Armstrong said.

The chief executive also criticised the Securities and Exchange Commission for regulatory uncertainty that’s leaving the U.S. behind in the crypto space.

“The SEC is a bit of an outlier here. There’s kind of a lone crusade, if you will, with Gary Gensler, the chair there, and he has taken a more anti-crypto view for some reason,” Armstrong said.

The news arrives only days after Coinbase Global reported its financial results for the first quarter that handily topped Street estimates. Coinbase stock is up close to 70% for the year at writing.

The U.S. Securities and Exchange Commission is yet to officially respond to Armstrong’s comments. Last month, weeks after the crypto exchange received a “Wells Notice” from the SEC, Armstrong had first signalled the possibility of relocating.

The CEO also confirmed today that Coinbase was interested in investing more in the United Arab Emirates, and praised the European Union and the United Kingdom for welcoming legislations around cryptocurrencies.

Overall, Armstrong is hopeful that the U.S. will eventually “catch up” with other countries in terms of crypto regulations.

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