Coinbase CEO Says Leaving the US Is ‘Not Even Impossible Right Now’

Brian Armstrong, CEO of Coinbase, did not comment on whether the cryptocurrency exchange company plans to leave the United States due to regulatory uncertainty.

According to an August 4 Financial Times article, Armstrong said that Coinbase “remains in the United States” despite many other crypto companies considering leaving the country due to the potential threat of lawsuits from federal regulators. Coinbase is currently facing legal action from the US Securities and Exchange Commission, as well as scrutiny from 10 government regulators, many of which have issued cease and desist orders from the exchange’s betting services.

Apparently, the CEO of Coinbase said that Leaving the United States “was not even possible now” and that there was no contingency plan. However, at a fintech event in London in April, Armstrong stated that the company may consider moving its headquarters from the US to a more cryptocurrency-friendly country due to a lack of regulatory clarity. He later told shareholders that Coinbase is “100% committed” to the US market for the long term.

The SEC filed a lawsuit against Coinbase on June 6, about three months after the exchange received Wells’ notice from a federal regulator about the alleged offering of unregistered securities. Lawyers for Coinbase filed a motion to dismiss the lawsuit on August 4, arguing that the commission “violated due process, abused its powers, and retracted its previous interpretations of securities laws.”

The outcome of the SEC v. Coinbase case could have far-reaching implications for crypto companies operating in the United States. In July, a federal judge in a commission lawsuit against Ripple ruled that XRP was largely not a security by SEC standards. Lawmakers and lawyers, including Coinbase General Counsel Paul Grewal, have already cited the decision in defense of crypto companies.

Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information presented here should not be taken as financial or investment advice. All investments and commercial movement involve risk and it is the responsibility of each individual to conduct proper research before making an investment decision.

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About Ankur Jain

I'm Ankur Jain, and I'm thrilled to be part of the team as an editor. I call India my home, and I have a passion for crafting engaging and well-written articles. With a solid background of 7 years in this field, I bring a wealth of experience to my work. It's my pleasure to contribute to the informative and captivating content you'll find on Stay tuned for some exciting stories and news pieces coming your way!

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