Coinbase could leave the U.S. if regulatory uncertainty persists, according to the CEO

If there is no regulatory clarity in the United States, Coinbase’s CEO has revealed that the crypto exchange could relocate.

He mentioned this while speaking at London’s Fintech Week. According to Armstrong, the regulatory environment in the United States is currently uncertain, which has an effect on the crypto ecosystem in the country.

Former U.K. Chancellor George Osbourne asked Armstrong if he could envision Coinbase fleeing the U.S. Armstrong responded:

“Every option is on the menu, including relocating if necessary. I believe the United States has the potential to be a significant market for cryptocurrencies, but regulatory clarity is currently lacking.”

Armstrong lauded British attempts to regulate the financial markets, noting that there is just one regulatory body in the UK responsible for overseeing the securities and commodities markets.

The Securities and Exchange Commission (SEC) in the United States is responsible for overseeing the securities market, while the Commodity Futures Trading Commission (CFTC) deals with commodities. Armstrong continued;

“The CFTC and the SEC aren’t at odds with one another, which is a great development. Almost every few weeks, the leaders of the CFTC and SEC issue contradictory statements; how is a business supposed to operate in such an environment? We just want an explicit set of rules.”

Armstrong’s remarks came less than a month after Coinbase received an SEC Wells Notice. The Wells Notice warned Coinbase of impending regulatory action for its platform’s listing of unregistered securities. The CEO of Coinbase stated that the SEC’s actions do not completely startle the company.

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