Coinbase relocate from the U.S. – Brian Armstrong, Coinbase CEO has joined others to demand clearer regulation as regards cryptocurrency in the United States. Coinbase which is the largest crypto exchange in the country is one of those that are registered in the country.
He calls for a more understandable crypto regulation in both the U.S. and the United Kingdom. Brian pointed out that without transparent regulations, firms may be forced to seek “offshore havens” where there will be fewer regulations.
Reuters reported that the CEO at a conference held by the Innovate Finance industry body made the comment. He further referenced the failure of FTX last year as a basis for the need for clearer regulations.
Cryptocurrency and the U.S. Regulations
The growth of the cryptocurrency sector has been exponential over the years. More players as well as new startups have been introduced to the game. This massive growth also calls for more transparent regulations the firms can work with.
Crypto firms have reiterated the need for clearer regulations as it has made it difficult for them to keep up with the ever-evolving industry. Therefore, many firms choose better options to operate from outside the U.S. where they are faced with fewer regulations.
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Previously, in a tweet, Brian Armstrong commended the UK for its reasonable approach toward cryptocurrency regulations. He further expressed his eagerness to continue investing in the UK but also pointed out concerns about the strict approach to customers who wish to transfer cash to crypto exchanges in order to prevent fraud. See the tweet below:
Great meeting today with UK Economic Secretary and City Minister @griffitha.
The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK. 🇬🇧 pic.twitter.com/478PQSLmDe
— Brian Armstrong (@brian_armstrong) April 17, 2023
The UK has continued to make efforts in regulating the cryptocurrency industry. In 2021, the Financial Conduct Authority (FCA), UK’s financial regulator established a new process for registering crypto firms. The regulatory body requires crypto companies to act in accordance with anti-money laundering counter-terrorism financing regulations.
At the conference, Brian said:
“Anything is on the table, including relocating or whatever is necessary. I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing the regulatory clarity that we need.”
