It has long been clear that the large American crypto exchange Coinbase cannot get along with a certain American financial regulator. The stock exchange was already toying with the idea of exploring foreign markets at the beginning of the year. Coinbase now really seems to be putting its money where its mouth is. In a blog post, two vice presidents of the exchange said that Coinbase’s current priority is markets outside the United States.
Today, 83% of G20 members and major financial centers have made progress on regulatory clarity for crypto. But the US is an outlier.
A picture is worth a thousand words. pic.twitter.com/KvQ4q0zlsn
— Coinbase 🛡️ (@coinbase) September 7, 2023
The American crypto exodus
This particularly affects the European Union, the United Kingdom, Canada, Brazil, Singapore and Australia. Nana Murugesan and Tom Duff Gordon, the two vice presidents in question, describe the aforementioned jurisdictions as “near-term priorities.”
The blog post states that these jurisdictions have established clear rules and that Coinbase will therefore focus on “obtaining licenses and registrations, as well as establishing and strengthening operations” in these areas.
It is a clear signal that Coinbase is sending to the US government. Since the beginning of this year, tensions have been high between the American crypto sector and the American Securities and Exchange Commission (SEC). The SEC has already filed numerous lawsuits against well-known crypto companies, including Coinbase. However, there is no clear legal framework for cryptocurrencies.
The duo also notes in the blog post that there is one increasingly greater contrast A conflict is beginning to emerge between the crypto policies of the United States and those of the rest of the world.
“Every part of the world is taking steps to regulate crypto. Except the United States. The “strategy” chosen here is to enforce existing laws through lawsuits.”
Coinbase wants the best for the crypto industry. In the blog post, the two vice presidents indicate that they want to continue their mission outside the United States. The exchange is obviously making no secret of it and is ready to make itself visible in the global crypto scene.
“We are committed to helping transform the global financial system and enabling greater economic freedom and opportunity. We don’t stand aside because the US does.”