Coinbase may consider relocation if regulatory clarity in the U.S. doesn't improve - CEO Coinbase SecuritiesandExchangeCommission SEC
- As the regulatory landscape for cryptocurrencies in the U.S. remains uncertain, Brian Armstrong, the CEO of Coinbase – the largest crypto exchange in the U.S. – has suggested that the company may consider relocating to a more welcoming jurisdiction if things don’t improve.
The Coinbase CEO called the Wells notice “unfortunate” and said the company has yet to receive any additional information on the specific concerns that the SEC has. “I think we’re going to have to actually end up going to court to get the clarity we need and create the case law,” he said. This would help the industry as a whole by establishing judicial precedent.
The CEO also criticized the SEC's lack of clarity for companies in the crypto industry and accused the SEC of an “abdication of responsibility” for failing to publish a clear rulebook for the market. “The regulators’ job is to publish a clear rulebook and allow that market to be safe but also to flourish in that country and I think they’ve completely abdicated responsibility,” Armstrong said.
According to a note from Barclays posted earlier in April, “Under current securities law, securities exchanges are not permitted to offer services directly to retail customers, and Coinbase could theoretically be forced to separate the exchange and broker portions of the business.”
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