Coinbase CEO says leaving US ‘not even in the realm of possibility right now’ — Report

Brian Armstrong, the CEO of Coinbase, has reportedly given a blended response about whether or not the cryptocurrency change plans to go away the United States amid regulatory uncertainty.

In keeping with an Aug. 4 report from the Monetary Instances, Armstrong said Coinbase was “staying in the United States” regardless of many different crypto corporations contemplating leaving the nation over the potential menace of authorized motion from federal regulators. Coinbase at present faces a lawsuit from the U.S. Securities and Alternate Fee, in addition to scrutiny from 10 state regulators, many of whom issued stop and desist orders on the change’s staking providers.

The Coinbase CEO reportedly mentioned leaving the U.S. was “not even in the realm of possibility right now,” and there was no “break glass plan” — possible referring to what the change would do in an emergency. Nevertheless, at a fintech occasion in London in April, Armstrong reportedly mentioned the change might consider relocating its headquarters from the U.S. to a extra crypto-friendly nation attributable to the lack of regulatory readability. He later told shareholders Coinbase was “100% dedicated” to the U.S. market in the long run.

Met with the SEC at the moment. We’ll proceed pushing for a transparent rule e-book in the U.S. for crypto regs.

The U.S. can’t afford to fall behind on this essential know-how to replace the monetary system.

Additionally essential for regulators to set coverage and THEN implement it. Not begin with… pic.twitter.com/EaPD7wDbSx

— Brian Armstrong ️ (@brian_armstrong) April 21, 2023

Associated: Coinbase earnings show the company is now much more than just an exchange

The SEC filed a lawsuit in opposition to Coinbase on June 6, roughly three months after the change acquired a Wells discover from the federal regulator for allegedly providing unregistered securities. Coinbase’s authorized staff filed a motion to dismiss the lawsuit on Aug. 4, claiming the fee had “violated due course of, abused its discretion, and deserted its personal earlier interpretations of the securities legal guidelines.”

The end result of the SEC’s case in opposition to Coinbase might have far-reaching implications for crypto corporations working in the United States. In July, a federal choose ruled in the commission’s lawsuit in opposition to Ripple that XRP (XRP) was largely not a safety by SEC requirements. Lawmakers and legal professionals — together with Coinbase chief authorized officer Paul Grewal — have already cited the ruling in protection of crypto corporations.

Journal: Binance, Coinbase head to court, and the SEC labels 67 crypto-securities: Hodler’s Digest, June 4-10