important point
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Coinbase CEO has revealed that the cryptocurrency exchange may move if regulations are not clear in the US.
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Brian Armstrong said the United States could become an important market for cryptocurrencies.
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Coinbase was recently issued a Wells Notice by the US SEC.
Coinbase may move headquarters
CEO Brian Armstrong coin basehas revealed that the cryptocurrency exchange will consider moving its headquarters out of the United States if regulatory uncertainty continues.
He mentioned this during a talk at Fintech Week in London. According to Armstrong, the U.S. regulatory environment remains opaque at the moment, which is affecting the crypto ecosystem.
When former UK Prime Minister George Osborne asked if he could see Coinbase withdraw from the US, Armstrong said:
“We are looking at everything, including relocation and what is needed. I think the US could become an important market for cryptocurrencies, but at the moment we don’t see the regulatory clarity we need. Later, if we don’t see regulatory clarification in the US, we may need to consider investing elsewhere in the world.”
UK regulatory environment clearer
Armstrong praised the regulatory efforts in the UK, highlighting the fact that the Financial Conduct Authority (FCA) is the sole regulator responsible for dealing with securities and commodities.
However, in the United States, the Commodity Futures Trading Commission (CFTC) handles commodities and the Securities and Exchange Commission (SEC) regulates securities. Armstrong added:
“Where the CFTC and SEC are battling turf, nothing like this unfortunate thing happens. How does a business operate in such an environment? We just need a clear rulebook.”
Armstrong’s comments just a month later Coinbase Receives Wells Notice From SEC. The Wells Notice warned Coinbase of impending regulatory action to list securities not registered on the platform.
commented by the president Coinbase is no surprise Due to SEC action.
