Armstrong hinted that Coinbase might shift to another nation if there is no clear crypto legislation in the US.
Brian Armstrong – Chief Executive Officer of Coinbase – thinks US and UK-based cryptocurrency entities could relocate to other countries if the domestic watchdogs do not implement proper legislation on the industry.
He also hinted that his exchange might consider such a move should the regulatory situation in the States remains the same.
‘Anything is on the Table’
“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens.”
The CEO believes the infamous FTX crash in November last year had highlighted the importance of applicable crypto rules.
Asked whether Coinbase could shift to another country, Armstrong said that “anything is on the table, including relocation or whatever is necessary.” While he thinks the US could be a key market for the crypto industry, the current regulatory uncertainty spurs that potential:
“I think in a number of years, if we don’t see that regulatory clarity emerge in the US, we may have to consider investing more elsewhere in the world.”
Coinbase’s Issues in America
“While we understand that this is all part of the journey to reforming our financial system, we are right on the law, confident in the facts, and welcome the opportunity for Coinbase (and by extension the broader crypto community) to get before a court.”