Coinbase Global (NASDAQ:COIN)
CNBC reported on Monday that Brian Armstrong, CEO of Coinbase Global (NASDAQ:COIN), stepped down on a remark he made last month that the cryptocurrency exchange may explore moving outside the United States. The interview was conducted at a fintech conference in Dubai. CNBC cited the interview.
Despite the heightened regulatory scrutiny that Coinbase stock has been subjected to in the nation, the firm “is not going to relocate overseas,” CEO Brian Armstrong told CNBC. Armstrong also said that “we’re always going to have a U.S. presence,” even though “the U.S. is a little bit behind right now” regarding crypto legislation.
Meanwhile, Coinbase stock dropped by 6% during trading on Monday morning as bitcoin (BTC-USD) and other key tokens encountered negative pressure in the wake of withdrawal troubles experienced by sister cryptocurrency exchange Binance.
The majority of Armstrong’s comments were directed against the United States Securities and Exchange Commission (SEC), which had issued a warning to Coinbase in March, stating that the regulator urged enforcement action against the business for allegedly offering unregistered securities to investors. Armstrong’s comments centered on the SEC as the primary topic of discussion.
COIN filed a lawsuit against the SEC at the tail end of April to challenge the Wells Notice.
Armstrong said that SEC Chair Gary Gensler is not “necessarily trying to regulate the industry as much as maybe curtail it,” as reported by CNBC. “But he’s created some lawsuits, and I think it’s quite unhelpful for the industry in the United States as a whole,” said the Coinbase spokesperson, “but it’s also an opportunity for Coinbase to go get that clarity from the courts that we feel will really benefit the cryptocurrency industry and also the United States as a whole.”
According to Armstrong, All in, COIN is planning to increase its international investments and cites an interest in the cryptocurrency-friendly United Arab Emirates as an example. The business launched an offshore cryptocurrency derivatives market in Bermuda only the week before last. This move that Needham forecasted might bring in up to $200 million annually.
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