The uncertainty of regulatory practices in the US pushes stock markets to seek other ways.
Finally, Coinbase CEO Brian Armstrong stated that the crypto exchange will consider relocating from the US if the regulatory environment for the industry is not clear.
Coinbase May Exit US Without Regulatory Clarity
Armstrong said that "everything is on the table" in terms of the crypto exchange's plans unless further regulatory clarity emerges in the US.
"Everything is on the table, including moving or whatever it takes," said former UK Prime Minister George Osbourne when asked at Fintech Week in London if he could see Coinbase leave the US.
“I think the US has the potential to be an important market for crypto, but we don't see the regulatory clarity we need right now,” he said.
"I think if we don't see this regulatory clarity emerge in the US in a few years, we may have to consider investing more elsewhere in the world."
Armstrong has a single regulatory body (the Financial Conduct Authority (FCA)) in charge of both commodities and securities in the UK, and the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in the US. He mentioned the advantages of the UK having greater regulatory clarity due to the presence of two separate institutions.
"This unfortunate situation where the CFTC and SEC are having a battle of space is not happening," he said.
“There are conflicting statements coming from the CFTC and SEC presidents almost every few weeks – how will a business operate in this environment? We just want a clear rulebook.”
Coinbase recently received a Wells Notice from the SEC warning of imminent regulatory action based on the listing of unregistered securities.
*Not investment advice.
