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Coinbase 100% Committed to US Despite Regulatory Uncertainty: Brian Armstrong
Brian Armstrong, the co-founder and chief executive officer of major American cryptocurrency exchange Coinbase, revealed that the company is still 100% committed to the US market despite the lack of regulatory clarity in the country. The CEO's disclosure came in response to a question from shareholders curious about Coinbase's plans to move operations out of the US and the impact on customers during a first-quarter 2023 earnings call on Thursday. Coinbase will not leave the US Armstrong said he founded Coinbase in the US because he wanted to spread the rule of law in...
Coinbase 100% Committed to US Despite Regulatory Uncertainty: Brian Armstrong
Brian Armstrong, the co-founder and chief executive officer of major American cryptocurrency exchange Coinbase, revealed that the company is still 100% committed to the US market despite the lack of regulatory clarity in the country.
The CEO's disclosure came in response to a question from shareholders curious about Coinbase's plans to move operations out of the US and the impact on customers during a first-quarter 2023 earnings call on Thursday.
Coinbase will not leave the USA
Armstrong said he founded Coinbase in the US because he observed the spread of the rule of law in the country. He expressed optimism that America will eventually get it right, having already noticed strong bipartisan support for Congress to create clear cryptocurrency laws during his visits to Washington, DC.
"So let me be clear, we are 100% committed to the US. I founded this company in the US because I saw that there is the rule of law here. That's really important. And I'm actually very optimistic that the US will get this right," the CEO said.
The Coinbase boss insisted that it was important for America to resolve the regulatory issue as other countries, including financial centers, vied for the top spot in the crypto space. While supranational organizations like the European Union have adopted comprehensive crypto regulation, regions like the UK, Hong Kong and Singapore have become more optimistic than the US.
Armstrong believes that the EU Markets in Cryptoassets Regulation (MiCA) has put the bloc and its member states at the forefront.
Coinbase is going global
The Coinbase CEO further stated that his company will continue its mandate to serve as many people as possible by exploring the global market as the US works to get its crypto regulation right. In line with its plans, the company recently launched Coinbase International Exchange, a Bermuda-based crypto derivatives platform for non-US institutional clients.
"Of course, every year we have to make decisions about where to deploy our capital. And so we look at where we think that can have the greatest ROI. But yes, the leading financial centers are all currently working on creating responsible crypto regulations and clarity, and the US will follow suit, I believe," Armstrong added.
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