Amstrong once again confirmed that Coinbase is fully dedicated to the US crypto market.
Despite swirling rumors of a possible departure, Brian Armstrong, Coinbase's Chief Executive Officer, affirmed the crypto exchange's commitment to the US despite regulatory challenges.
It is worth noting that, in the past few weeks, the crypto industry has been buzzing about allegations that some major crypto firms are planning to depart from the United States due to looming legal threats.
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However, the Financial Times, in its August 4th report, highlighted Armstrong's stance, emphasizing Coinbase's intent to remain anchored in the US.
The commitment is noteworthy, especially when Coinbase is dealing with cease and desist orders administered by ten state regulators and an ongoing lawsuit initiated by the US Securities and Exchange Commission (SEC) against the firm.
While Armstrong asserted that an exit strategy from the US is not currently on the agenda, he made a compelling revelation earlier. Speaking at a fintech symposium in London this past April, the CEO hinted at the potential shift of Coinbase's base to a nation more open-minded to crypto, blaming US's murky regulatory waters for such considerations.
However, in a subsequent communication, Armstrong assured stakeholders of Coinbase's unwavering dedication to the US crypto landscape.
It is worth noting that on June 6th, the US SEC sued Coinbase, following the Wells Notice it issued to the company a few months earlier, accusing the crypto exchange of selling unregistered securities.
In a response two months later, on August 4th, Coinbase's legal team moved to dismiss the allegations. They contended that the SEC had "violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws.”
The crypto industry watches the SEC's case against Coinbase with bated breath, sensing its potential to reshape the US crypto landscape. Drawing parallels, in July, a landmark ruling saw a federal adjudicator side with Ripple, deeming XRP as not a security when sold via crypto exchanges.
