At fintech week in London, Coinbase ‘s CEO says the crypto exchange could leave the US if no clear regulatory framework is put in place in the country.
In particular, the Coinbase CEO points to conflicting statements from the two U.S. regulators, the Commodity Futures Trading Commission (CFTC) and the SEC, who disagree on the status to be given to cryptocurrencies.
We actually have conflicting statements from the heads of the CFTC and the SEC coming out almost every few weeks. How is a company going to operate in this environment? We just want a clear regulation,” said Brian Armstrong.
While the much-feared U.S. SEC has already shut down crypto exchange Beaxy, and is now suing Bittrex, Coinbase could very well be the next prey of U.S. regulators who seem determined to wipe out a yet burgeoning crypto trading industry worldwide.
Everything is on the table. Including, you know, moving or whatever is necessary,” Brian Armstrong responded to former Chancellor of the Exchequer George Osborne’s question about a potential move to the UK.
A move to the United States that would not avoid a possible lawsuit from the SEC, which is now pursuing the crypto exchange Bittrex.
Indeed, this week the SEC accused Bittrex of offering regulated products without first registering with the SEC.
Recently, the SEC also shut down Kraken’s crypto staking service in the US.
Not to mention the crypto lending platform Nexo which also announced its departure from the United States last January, after being fined a hefty $45 million, click here to read more.