Coinbase’s CEO is confident that the United States will reach the “right outcome” for cryptocurrencies
When asked about the return of crypto entrepreneurs to the U.S., Coinbase CEO Brian Armstrong said they wouldn’t come back until the government found the “right outcome” for regulations.
Armstrong discussed the issue in the interview, stating that Coinbase could have functioned without such registrants.
As “commodities,” the assets we trade do not need the registrations above; hence, we trade “crypto commodities” on our exchange. Armstrong said that Coinbase had experienced challenges activating a licence despite the exchange not representing itself as a broker-dealer.
They won’t let us activate our broker-dealer licence. Therefore, he clarified that we make no claims to being a broker-dealer.
He stressed the significance of the SEC vs Coinbase action for the American cryptocurrency sector, hoping it would bring about more transparency and prevent the United States from “falling behind” the rest of the globe.
Armstrong believes that crypto firms would return to the United States with clear and solid policies regulating cryptocurrencies.
Business owners who emigrate from the United States will eventually return. They’ll reassure us that no random attacks will occur and that our legal fees won’t skyrocket for no apparent reason.
He said the United States is seeing a “turf war” between two regulatory agencies, but nations like the United Kingdom only have one financial regulator.
He thinks essential core standards may be readily transferred from conventional banking, including consumer protection, audit requirements for financial statements, and Anti-Money Laundering and Know Your Customer processes.
Armstrong reaffirmed that there is “no clear rule book” for cryptocurrency rules in the United States and that despite repeated requests for clarification from the SEC, Coinbase has yet to “get any feedback.”
On June 7, in response to the SEC’s complaint against Coinbase, Armstrong took to Twitter to express his satisfaction at having the opportunity to “represent the industry in court” and get “clarity around crypto rules.”
Also Read: Polygon Labs addresses the SEC’s allegations that MATIC is a security
