Leading US crypto exchange Coinbase will consider exiting the US market. This will happen if the regulatory environment in the cryptocurrency industry does not become more transparent and understandable.
Such a statement did Marketplace CEO Brian Armstrong.
America is well positioned to become a key market for crypto companies, but the regulatory environment could get in the way. If the situation does not change in a few years, Coinbase will consider finding a new country for investment and business development.
I think in a few years, if we don’t see regulatory clarity in the US, we might have to consider increasing investment elsewhere in the world.
Armstrong compared the situation with crypto in the US and the UK. The United Kingdom has one regulator, the Financial Conduct Authority (FCA), which is responsible for both commodities and securities. In the US, there is serious competition for crypto between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
In fact, almost every few weeks we have conflicting statements from the heads of the CFTC and the SEC. How will the business operate in this environment? We just need a clear set of rules.
At the end of March, the US Securities and Exchange Commission sent a Wells notice to Coinbase. It said that the regulator considers the provision of Coinbase Earn services on the Coinbase Prime and Coinbase Wallet platforms as illegal trading in unregistered securities.
A Wells Notice is a formal letter from the SEC informing recipients that the agency is preparing to take legal action against them.
▼
The most interesting and important news on our channel in Telegram
