The end of the American dream for Coinbase? – This seems to be considering Brian Armstrong, the CEO of Coinbase. The crypto platform has, in fact, announced its intention to leave the United States if the country does not clarify its negative stance and anti-cryptocurrencies.
Coinbase faces major regulatory hurdles in the United States
It was during an interview reported by our colleagues from CoinDesk that the boss of Coinbase confided in the regulatory issues which, in the USA, have the bitter taste of the threat. Indeed, Brian Armstrong asserts that Coinbase to me des difficulties to navigate in the US regulatory framework, sometimes aggressive against cryptocurrencies and constantly on the move. In addition, different states are not moving at the same speed and crypto businesses are faced with complicated and sometimes contradictory regulations.
Brian Armstrong therefore expressed his frustration in the face of this situation, saying that his company had faced many obstacles and that he was considering leaving the United States if regulatory clarity was not achieved.
“If the United States does not become more crypto-friendly, Coinbase will be forced to seek more friendly jurisdictions elsewhere in the world. »
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Future of Brian Armstrong’s exchange at stake
This situation is not unrelated to Coinbase which has already had to face Japanese regulation. However, in the face of uncertainty surrounding the future of Coinbase in the United States and the potential impact on the entire crypto industry, Brian Armstrong wants to be reassuring. The entrepreneur even stating that he has never been anti-regulation – quite the contrary:
“Things, like Bitcoin, Ethereum, DeFi and even self-custodial wallets, should be regulated like a software company or something like that. »
Furthermore, Armstrong asserted that thedecentralized identity was the most used convincing of the blockchain, according to him, with that of decentralized social networks. The crypto platform also seems already well underway on this site with the recent launch of its layer 2 Base. However, the implementation of such a decentralization requires, according to the CEO of Coinbase, a benevolent and non-repressive framework.
Finally, note also that this moving project far from the United States is not new. Faced with the threats to cryptocurrency staking, the crypto platform had, in a call to resist, considered move its premises away from the USA for its institutional clientsif the regulatory framework were not more lenient.
But while the platform has always tried to show its credentials in the face of regulation, it seems that the anti-crypto war waged by American regulators, both the SEC and the CFTC, continues to rage. Witness the recent attacks by the financial policeman against Bittrex.
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