Cryptocurrency exchange Coinbase may pull out of the US market. This difficult decision is due to the regulatory uncertainty of the crypto market in the US makes known Brian Armstrong, the CEO of the platform. Meanwhile, U.S. Congressman Warren Davidson has proposed a bill to remove SEC Chairman Gary Gensler who is fighting crypto exchanges.
Coinbase not ruling out leaving the U.S.
For several months, the Security and Exchange Commission (SEC) and other state regulators have launched a massive crackdown on crypto exchanges in the US. Binance, Kraken, Kucoin…, no platform has so far been spared. Due to this crackdown, crypto exchanges have been Beaxy and Bittrex have announced their withdrawal from the USA. And if Coinbase Was the next platform to pull out of the US?
This is implausible when you know the weight of Coinbase in the United States. Nevertheless, this possibility is not excluded according to the CEO of Coinbase Brian Armstrong during the Fintech Week in London.
According to our colleagues of Coindesk, Brian Armstrong has indicated that, in the face of the US exchange crackdown, everything is on the table, including relocation. If regulatory uncertainty persists in the US, Coinbase is considering redirecting its investments elsewhere.
If we don’t see this regulatory clarity emerge in the United States, we may have to consider investing more elsewhere in the world.Brian Armstrong, CEO of Coinbase
Congressman goes to war with Gary Gensler and the SEC
The fight that the Security and Exchange Commission (SEC) against exchanges does not leave indifferent the pro-crypto political actors. This is notably the case of Warren Davidson who represents Ohio’s eighth congressional district.
This former military called Gary Gensler to step down as head of the SEC. He accuses the SEC chairman of failing to protect investors and of abuse of power.
Beyond the dismissal of Gary Gensler, it is the total restructuring of the SEC that Warren Davidson wants. He has introduced a bill to eliminate the position of Chairman of the Security and Exchange Commission (SEC). According to Warren Davidson, the functions of the SEC Chairman will be performed by an Executive Director reporting to the Board of Directors. Former SEC chairmen should not be elected to the executive director position, Warren says.
The SEC’s fight against exchanges in the U.S. is severely hampering the emergence of the crypto industry in this country. With the withdrawal of crypto exchanges one after another, it is the American employees of crypto platforms and investors who pay the price. It is therefore desirable that Gary Gensler is stopped dead in his tracks. This is one of the reasons why Warren Davidson’s proposal is essential and deserves to be supported.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.