Cryptocurrency executives hoped for a fresh start in 2023 following a year of setbacks. However, they've been battered by a government crackdown, numerous exchange blowups, and crypto-related bank failures.
Several weeks ago, Sen. Elizabeth Warren (D-Mass.) tweeted she was building an "Anti-crypto Army." So it appears an aggressive government crackdown on the crypto industry will persist through the coming election cycle.
That may be why crypto exchange Coinbase Global Inc has mulled over shifting headquarters outside the US unless pressure from Elizabeth Warren and state and federal regulators subside.
According to Bloomberg, Coinbase CEO Brian Armstrong said, "Anything is on the table" when asked by former UK Chancellor of the Exchequer George Osborne at a fintech conference in London on Tuesday whether the crypto exchange would move operations to the UK. "Including, you know, relocating or whatever is necessary," Armstrong said.
The increasing relocation risk of Coinbase comes after the Securities and Exchange Commission slapped the crypto exchange with a Wells notice, warning the company about potential securities violations.
Meanwhile, lawmakers on Capitol Hill have a series of bills that could usher in strict regulation for the crypto space. Simultaneously, the SEC and the Commodity Futures Trading Commission are discussing which regulator will oversee the space and whether crypto assets should be labeled as securities or commodities.
Armstrong cited mounting regulatory uncertainty in the US.
"The US has the potential to be an important market in crypto, but right now, we are not seeing that regulatory clarity needed," Armstrong said, adding that the UK is Coinbase's second largest market globally by revenue.
"I think if a number of years go by where we don't see regulatory clarity emerge in the US, we may have to consider investing more in other regions of the world."
With around 100 million verified users, Coinbase is set to expand across Europe. Should Elizabeth Warren's anti-crypto army and government regulators maintain pressure on the industry, Coinbase's relocation of its headquarters could become a reality.
Cryptocurrency executives hoped for a fresh start in 2023 following a year of setbacks. However, they’ve been battered by a government crackdown, numerous exchange blowups, and crypto-related bank failures.
Several weeks ago, Sen. Elizabeth Warren (D-Mass.) tweeted she was building an “Anti-crypto Army.” So it appears an aggressive government crackdown on the crypto industry will persist through the coming election cycle.
That may be why crypto exchange Coinbase Global Inc has mulled over shifting headquarters outside the US unless pressure from Elizabeth Warren and state and federal regulators subside.
According to Bloomberg, Coinbase CEO Brian Armstrong said, “Anything is on the table” when asked by former UK Chancellor of the Exchequer George Osborne at a fintech conference in London on Tuesday whether the crypto exchange would move operations to the UK. “Including, you know, relocating or whatever is necessary,” Armstrong said.
The increasing relocation risk of Coinbase comes after the Securities and Exchange Commission slapped the crypto exchange with a Wells notice, warning the company about potential securities violations.
Meanwhile, lawmakers on Capitol Hill have a series of bills that could usher in strict regulation for the crypto space. Simultaneously, the SEC and the Commodity Futures Trading Commission are discussing which regulator will oversee the space and whether crypto assets should be labeled as securities or commodities.
Armstrong cited mounting regulatory uncertainty in the US.
“The US has the potential to be an important market in crypto, but right now, we are not seeing that regulatory clarity needed,” Armstrong said, adding that the UK is Coinbase’s second largest market globally by revenue.
“I think if a number of years go by where we don’t see regulatory clarity emerge in the US, we may have to consider investing more in other regions of the world.”
With around 100 million verified users, Coinbase is set to expand across Europe. Should Elizabeth Warren’s anti-crypto army and government regulators maintain pressure on the industry, Coinbase’s relocation of its headquarters could become a reality.
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