Exchange News- Brian considered the conversational tweet as a great question.
- Chances of expanding Coinbase in various regions of the world than in the U.S.
The United States Securities and Exchange Commission (U.S. SEC) has claimed that the major crypto exchange, Coinbase is violating federal laws. In March 2023, SEC sent a Wells Notice against Coinbase with a dispute of enforcement actions ahead.
Meanwhile, the head of Coinbase, Vishal Gupta resigned post the Wells Notice. It was reported that the resignation is due to the consequent legal disputes and regulatory examinations on the firm. However, SEC has become strict about suing Coinbase with respect to investor-protection laws.
SEC vs Coinbase
In 2021, Coinbase was intimidated by SEC for its Lend product launch. Furthermore, it was canceled and is yet to launch. Meanwhile, Coinbase is an SEC-registered firm with a license. Brian Armstrong, the CEO of the major crypto exchange Coinbase has tweeted recently opting for a conversation.
From 2023 start, SEC is been proceeding with enforcement actions on crypto firms. The above-mentioned tweet condemns that SEC approved and legalized Coinbase, which prompted users and investors to the crypto exchanges. Now, the chance of suing Coinbase is subject to political objectives. This depresses the investors to willingly trust the U.S.-based crypto firms for trading stocks and exchanges.
This Tuesday, Brian said that Coinbase could possibly quit Coinbase in the United States at an event in London, for several emerging predominant regulators over digital assets. Hence, there could be considerations of investing in other countries like Singapore, Brazil, and other European Territories, he added.
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Source: https://thenewscrypto.com/coinbases-ceo-frustrated-over-secs-regulatory-laws/