TL; DR
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In April, Coinbase was granted a regulatory license in Bermuda, and now (as of yesterday) it has been granted a key license in Singapore.
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None of these licenses give Coinbase much influence or leeway in its U.S. operations. It’s more of an excuse for Coinbase spokespeople to say things like, “By providing this level of regulatory clarity and by providing clear rules for the industry to adhere to, that’s really important to us as we think about our international strategy.”
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Translation: “Hey America, you are missing out on a lot of economic development here! We are not asking for special treatment, but for clear rules that we must adhere to.”
Full story
You know that card you played as a kid, when you were arguing with your parents?
You walked past the living room and pretended to take a phone call on your left shoe, talking just a little too loudly:
‘Yes, I’m thinking about moving. Maybe I’ll go to Timmy’s house, his mom lets him play Nintendo on school nights… or that, or I’ll fall down in the Chuck E. Cheese ball pit.”
(No? Doesn’t ring a bell? Just us. Weird.)
Well, Coinbase is using a similar tactic in its battle with the US government.
In April, the company was granted a statutory license in Bermuda, and now (as of yesterday) it has been granted a key license in Singapore.
None of these licenses give Coinbase much influence or leeway in its U.S. operations. It’s more of an excuse for Coinbase spokespeople to say things like:
“Our experiences in Singapore are in some ways a stark contrast to what is happening in the US
Providing this level of regulatory clarity and providing clear rules for the industry to adhere to is very important to us as we think about our international strategy.”
Translation: “Hey America, you are missing out on a lot of economic development here! We are not asking for special treatment, but for clear rules that we must adhere to.”
And sure, this kind of threat tactic never worked for us as kids… but it is true power for Coinbase.
Because while Chevy’s mother’s opinion of what he said to make the second-grade teacher cry (and the appropriate punishment) probably won’t change…
Governments, congressional majorities, and societies are!