Coinbase CEO: Lack of Regulatory Clarity from SEC Pushing Crypto Industry Abroad
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Coinbase has met with the SEC 30 times in 18 months seeking clarity on which crypto assets are securities, but received no feedback other than on Bitcoin.
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Coinbase received a Wells Notice from the SEC in March, indicating charges were coming. In June, the SEC sued Coinbase for operating an unlicensed securities exchange.
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Coinbase CEO Brian Armstrong sees a "turf war" between the SEC and CFTC creating regulatory uncertainty that is pushing crypto companies abroad.
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Armstrong contrasts the regulatory environment in the US with the UK, where there is one main regulator providing more clarity which has fostered growth.
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Some US lawmakers disagree there is a regulatory turf war, seeing it instead as an industry narrative and non-compliance with existing laws.