Coinbase is 100% Committed to the US Despite Regulatory Uncertainty: Brian Armstrong

Brian Armstrong, co-founder and CEO of major US cryptocurrency exchange Coinbase, revealed that the company remains 100% committed to the US market, despite the lack of regulatory clarity in the country.

The CEO’s disclosure came in response to a question from shareholders, who were curious about Coinbase’s plans to move operations outside the US and the implications for customers, during the period. Earnings call for the first quarter of 2023 on Thursday.

Coinbase will not leave the United States

Armstrong said he founded Coinbase in the US because he noticed the spread of the rule of law in the country. He expressed optimism about America eventually getting it right, having already noted strong bipartisan support for Congress to put in place clear cryptocurrency legislation during his visits to Washington, DC.

“So let me be clear, we are 100% committed to the United States. I built this company in the United States because I saw that the rule of law prevails here. This is really important. I am really optimistic about the United States getting this right,” the CEO said.

The Coinbase boss insisted that it was important for America to fix the regulatory problem because other countries, including financial centers, were vying for the top spot in crypto. While supranational organizations such as the European Union have passed sweeping crypto regulations, regions such as the United Kingdom, Hong Kong, and Singapore are more optimistic than the United States.

Armstrong believes that the European Union’s Crypto Asset Market Regulation (MiCA) has put the Union and its member states ahead of the curve.

Coinbase to go global

The CEO of Coinbase further explained that while the US works to get crypto regulations right, his company will continue its mission to serve as many people as possible by exploring the global market. In keeping with its plans, the company recently launched Coinbase International Exchange, a Bermuda-based crypto derivatives platform for institutional clients outside the United States.

“Obviously we have to make choices about where we are going to allocate our capital each year. And so we look at where we can think can have the greatest return on investment. But yeah, the leading financial centers, they’re all creating responsible cryptocurrency bases.” And clarity for the time being, and the United States will follow suit, I think.”