Coinbase’s chief executive reportedly says the crypto exchange platform will remain in the US, adding that there is no “break-the-glass” contingency plan.
According to a new report from The Financial Times, Coinbase CEO Brian Armstrong says the crypto company leaving the US is “out of the question” despite the regulatory crackdown on the crypto industry.
The report shows that Armstrong was asked by the US Securities and Exchange Commission (SEC) to remove all digital assets from its marketplace, except for Bitcoin (BTC) – the only cryptocurrency the regulatory body has not deemed safe – before issuing a submitted application. a lawsuit against the stock exchange.
According to Armstrong, such a move would have crippled Coinbase and the wider digital asset industry, and the request only proves that the SEC was looking to expand its power.
Coinbase’s troubles are compounded by state regulators, many of whom have issued injunctions against the crypto exchange through its staking service.
Earlier this summer, a coalition of states including Alabama, California, New Jersey, South Carolina and Wisconsin ordered Coinbase to prove it was not selling unregistered securities, according to the report.
However, Armstrong told The Financial Times that he plans to challenge the order and eventually expand Coinbase’s staking services to all 50 states.
When asked about the possibility of Coinbase moving overseas, Armstrong said it won’t happen, despite flirting with the idea earlier this year. He says the worst-case scenario would be to delist the crypto assets considered securities by the SEC in its lawsuit.
As stated by Armstrong to The Financial Times,
“It is not even possible at the moment. There is no glass breaking plan. We will stay in the United States.”
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