Coinbase CEO Brian Armstrong reiterates the exchange’s unwavering commitment to remain in the United States, dispelling rumors of a potential departure. Despite voicing concerns about the uncertain crypto regulatory landscape in the country and previously hinting at the possibility of relocating overseas if needed, Armstrong now firmly asserts Coinbase’s intent to stay.
During a recent interview, Armstrong emphasized the immense significance of the US market for the exchange and highlighted their dedication to complying with US regulations. While acknowledging the challenges presented by regulatory ambiguity, Coinbase is determined to navigate these complexities and work towards establishing a more transparent and predictable crypto regulatory framework.
In a strategic move aimed at fortifying its stance, Coinbase’s legal representative, Paul Grewal, made a formal request on August 4 to have the lawsuit filed by the SEC against the exchange dismissed. The motion draws upon the recent XRP ruling as a precedent, reflecting Coinbase’s assurance in its ability to overcome the SEC’s allegations successfully.
The SEC filed the lawsuit in early June, accusing Coinbase of violating securities laws by listing and trading 13 digital assets without proper registration. However, Coinbase vehemently rejects these claims, maintaining that the disputed cryptocurrencies are not securities and that the SEC lacks jurisdiction over them.
In its legal response, Coinbase criticizes the SEC for allegedly disregarding due process, abusing its authority, and contradicting its previous interpretations of securities laws. The exchange contends that the SEC’s focus on enforcement without clear regulations for the digital asset industry hampers America’s economic competitiveness and stifles the growth of innovative businesses.
The lawsuit’s fate will be decided at a court hearing scheduled for August 23, during which both parties will present their arguments. Despite the ongoing regulatory uncertainty, Coinbase stands firm in its commitment to the US market, aiming to play a pivotal role in shaping the future of the crypto industry within the country’s borders.
