Posted on 04/20/2023 12:20:59 PM PDT by Twotone
Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer.
"Anything is on the table, including relocating or whatever is necessary" he said after former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S. at Fintech Week in London.
"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," he 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."
Armstrong's comments come weeks after rival exchange Bittrex said it planned to exit the U.S. by the end of April, citing "the current U.S. regulatory and economic environment." Bittrex received a Wells Notice – a statement that the U.S. Securities and Exchange Commission's (SEC) Enforcement Division found evidence of legal violations – in March, general counsel David Maria told the Wall Street Journal. The SEC filed a lawsuit against the exchange on Monday.
Armstrong compared the U.K. situation, where there is only one regulator – the Financial Conduct Authority (FCA) – responsible for both commodities and securities, with the U.S., where there are separate bodies: the Commodity Futures Trading Commission (CFTC) and the SEC.
"You don't have this unfortunate thing happening where the CFTC and the SEC are having a turf battle," he said. "We actually have contradictory statements from the heads of the CFTC and the SEC coming out almost every few weeks. How's a business going to operate in that environment? We just want a clear rulebook."
(Excerpt) Read more at coindesk.com ...
Godspeed my friend. Go.
Crypto is not going away.
It means that technology, development, use and influence over it will grow elsewhere. Probably somewhere like Singapore, or if one is smart, some developing nation will offer the legal guarantees along with the freedom, for such exchanges to develop.
Imagine if US regulators had taken such an attitude when the internet developed in the early 1990s? It would have never happened.
Fleeing before the fraud charges hit :)
Please don’t take your fake currency out of our wonderful country we need to be ripped off so bad m
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