Coinbase CEO Considers US Exit Amid Regulatory Uncertainty – Here's the Latest
Coinbase CEO Brian Armstrong has indicated that the exchange could leave the US if regulators don't clarify their approach to the digital asset space.
"Anything is on the table, including relocating or whatever is necessary," he said during the Innovate Finance Global Summit Tuesday after former UK Chancellor George Osbourne asked whether he could see Coinbase leaving the US, The Telegraph reported.
The statement comes as the US has ramped up efforts to bring the crypto industry under its regulatory oversight.
Regulatory agencies in the country, specifically the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have launched an aggressive crackdown on the crypto industry.
Just recently, the SEC sent a “Wells notice” to Coinbase, threatening the crypto exchange with legal actions regarding some of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
Similarly, the CFTC has recently announced that it is suing Binance and founder Changpeng "CZ" Zhao on allegations that the crypto exchange knowingly offered unregistered crypto derivative products in the US in the transgression of the law.
"I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing that regulatory clarity that we need," Armstrong said.
"I think in a number of years if we don't see that regulatory clarity emerge in the U.S. we may have to consider investing more elsewhere in the world."
The recent regulatory pressure has forced at least one crypto exchange to leave the US.
As reported, Bittrex has announced that it is shutting down US operations due to increasing regulatory pressure and a lack of precise regulatory requirements.
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