Coinbase May Leave The U.S. As Legal Battle With The SEC Continues
According to CEO Brian Armstrong, Coinbase is on the verge of a lengthy legal battle with the Securities and Exchange Commission (SEC) over how federal securities laws apply to the crypto industry. If the regulator situation does not improve, the executive stated that the exchange will consider relocating outside of the United States.
Armstrong chastised certain regulators for taking a regulation by enforcement approach to crypto in the U.S., a phrase he has often previously used. Given this aggressive approach by the SEC, he admitted that Coinbase was already evaluating other countries for potential new headquarters locations.
The United Kingdom is actually a very good option, the CEO explained. He mentioned that the region is the second-highest revenue country for Coinbase, and that its leaders have expressed a strong desire to turn the country into a Web3 hub.
The SEC has targeted Coinbase in particular, issuing the firm a Wells Notice earlier this month. It claimed that Coinbase had violated federal securities laws, which Armstrong believes are related to the assets the exchange possesses as well as its staking as a service product.
The CEO mentioned that the SEC had never informed the exchange about what it could be doing better to remain compliant over the last year, despite the fact that the exchange had attended over 30 meetings. He stated that Coinbase will most likely have to go to court to obtain much-needed clarity and create the case law, referring to judicial precedent.
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