Coinbase is a key cryptocurrency player in the US. As the country is ramps up its scrutiny of the whole cryptocurrency realm, key players are trying to seek shelter abroad. The SEC has been tightening its regulatory actions on major cryptocurrency firms after the collapse of FTX.
Instead of embracing the evolving technology like other nations, the US is trying to push cryptocurrency adoption away. Cryptocurrency enthusiasts and the community believe that this could push key players out of the country, causing the US to lag in terms of cryptocurrency adoption and development.
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In one of the latest statements, Coinbase CEO Brian Armstrong conveyed that Coinbase could likely move away from the US if the regulatory clarity in the country stays unclear.
Coinbase could leave US if regulatory uncertainty persists
Speaking at the Fintech Week in London, U.K. Chancellor George Osbourne questioned Armstrong on whether relocating or any other measures were on the table.
Armstrong replied to the question by stating: “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.” “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.”
Coinbase’s CEO also went on to speak about the positive aspects of the cryptocurrency industry in the UK. Armstrong also stressed that there is better regulatory clarity in the UK as there is only the Financial Conduct Authority (FCA) present. He also went on to say that the UK doesn’t have the hassle of the turf battle by the CFTC and the SEC.