- Business titans are fighting back against the U.S. SEC and the CFTC.
- Coinbase has been speculated to be the next target of the US SEC after Bittrex.
There seems to be a huge legal fight on the horizon between Coinbase Global, the largest cryptocurrency exchange in the United States, and the U.S. Securities and Exchange Commission (SEC) over the definition of digital cryptocurrencies.
However, Coinbase CEO Brian Armstrong has warned that the company may relocate offshore if authorities don’t offer regulatory certainty. Bitcoin’s (BTC) price has broken above the $30,000 barrier. Thus, signaling the beginning of a rebound surge in the global digital asset market.
Uncertainty Over Regulations
With the economy on the upswing, business titans are fighting back against the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, asking for more clarity on regulatory requirements.
In a recent interview with Reuters, the CEO of Coinbase stressed the need of having well-defined laws and regulations in place onshore. He continued by saying that crypto businesses could move on to establish offshore havens if leaders like the UK and the U.S. fail to offer clarification.
Coinbase has been speculated to be the next target of the US SEC after Bittrex. Former SEC employees were quoted as saying that other large cryptocurrency exchanges in the United States might be subject to similar accusations.
CEO of Coinbase tweeted on the exponential development of cryptocurrencies over the last decade. In the previous decade, he said, between 200 and 300 million individuals have explored crypto. But if things continue at this pace, there will be between 2 and 3 billion crypto users in the world by the end of the next decade. He likened it to how the spread of the internet worked.
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