Coinbase CEO signals possible exit from the U.S. market

The Bitcoin exchange Coinbase is considering a possible exit from the U.S. market due to a lack of regulatory clarity. CoinDesk reports this, citing the company’s CEO, Brian Armstrong.

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In his view, the United States has all it needs to become a key player in the crypto market. However, due to regulatory uncertainty, such a scenario may not come to pass, Armstrong said.

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“I think that if in a few years we do not see clarity in the regulation of [digital assets], we may have to consider increasing investments in other countries,” he explained.

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The Coinbase chief noted the United Kingdom’s legal advantage. He also clarified that the country has only one agency that oversees cryptocurrencies — the Financial Supervisory Authority. In the United States there are two: the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

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“Actually, we almost every few weeks see contradictory statements from the heads of the CFTC and the SEC. How can a business operate in such conditions? We simply need a clear set of rules,” Armstrong added.

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Earlier, the exchange’s CEO criticised the SEC’s policy on digital assets. In his view, the agency’s approach to regulation could harm the United States’ financial position.

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On March 23, the SEC sent a notice to the company regarding an investigation into the listing process on the platform and its products — Coinbase Prime, Coinbase Wallet, and staking service Coinbase Earn.

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According to Bloomberg sources, Coinbase began consulting with its institutional clients about connecting to an alternative exchange outside the country.

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Earlier in April, former Goldman Sachs top executive Raul Pal forecasted the flight of key crypto firms from the United States.