In short: Coinbase co-founder and CEO Brian Armstrong has reaffirmed the cryptocurrency exchange's commitment to the US market, despite regulatory uncertainty. During an earnings call, Armstrong noted that he founded Coinbase in the US because of the rule of law in the country and that he remained optimistic about it eventually getting crypto regulations right. He added that as the US works toward legislation, Coinbase will explore the global market and had recently launched a Bermuda-based derivatives platform for non-US clients. Armstrong warned that other countries were looking to become crypto's top financial hubs.
Our quick analysis:
Brian Armstrong, CEO of Coinbase, has reassured shareholders that the cryptocurrency exchange remains committed to the US market, despite the lack of regulatory clarity in the country. He emphasized the importance of the rule of law that prevails in America, which is why he founded the company there. During an earnings call for Q1 2023, Armstrong expressed optimism about America getting cryptocurrency regulation right, citing strong bipartisan support in Congress to create clear legislation for the industry.
Armstrong highlighted that it was critical for the US authorities to address the regulatory issue because other countries were vying to take the top position in the cryptocurrency market. While the EU has already passed comprehensive cryptocurrency regulation, and regions like the United Kingdom, Hong Kong, and Singapore have become more optimistic than the US, companies like Coinbase will continue to serve as many people as possible by exploring the global market.
Coinbase has launched its International Exchange, a Bermuda-based crypto derivatives platform designed for non-US institutional clients, to further its goal of offering its services to a broader audience. Armstrong believes that the US will eventually follow suit and provide responsible crypto rules and clarity. While the lack of regulatory certainty might be holding back some businesses, Coinbase has shown that it remains committed to serving its customers, no matter the obstacles.
Image provided by Unsplash Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Brian Armstrong, CEO of Coinbase, has reassured shareholders that the cryptocurrency exchange remains committed to the US market, despite the lack of regulatory clarity in the country. He emphasized the importance of the rule of law that prevails in America, which is why he founded the company there. During an earnings call for Q1 2023, Armstrong expressed optimism about America getting cryptocurrency regulation right, citing strong bipartisan support in Congress to create clear legislation for the industry.
Armstrong highlighted that it was critical for the US authorities to address the regulatory issue because other countries were vying to take the top position in the cryptocurrency market. While the EU has already passed comprehensive cryptocurrency regulation, and regions like the United Kingdom, Hong Kong, and Singapore have become more optimistic than the US, companies like Coinbase will continue to serve as many people as possible by exploring the global market.
Coinbase has launched its International Exchange, a Bermuda-based crypto derivatives platform designed for non-US institutional clients, to further its goal of offering its services to a broader audience. Armstrong believes that the US will eventually follow suit and provide responsible crypto rules and clarity. While the lack of regulatory certainty might be holding back some businesses, Coinbase has shown that it remains committed to serving its customers, no matter the obstacles.
Image provided by Unsplash Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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