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FameEX Hot Topics | International Powers Seek to Fill the Void Created by US Absence

2023-03-27 10:39:25

Coinbase, a major US-based cryptocurrency exchange, has accused US regulators of creating a void in the industry that other countries are eager to fill. This statement comes after the Securities and Exchange Commission (SEC) issued a Wells notice to Coinbase indicating that the agency may take enforcement action over possible securities violations related to the company's asset listings, staking services, and Coinbase Wallet.

Daniel Seifert, Coinbase's Vice President and regional managing director in Europe, highlighted the US regulatory approach to cryptocurrency as inconsistent and reactive, leading to a “vacuum” that other countries are eager to fill. Seifert cited examples of other countries taking the lead in the cryptocurrency space, including the Paris Blockchain Week at the Louvre this month, the UK's recent push to become a crypto hub, and the European Union's upcoming Markets in Crypto-Assets (MiCA) regulation, set to take effect in 2024.

Coinbase's legal issues with the SEC, coupled with Seifert's comments, suggest that the company may be reconsidering its relationship with the US. This is not the first time a US-based company has expressed dissatisfaction with the country's regulatory landscape, and it may not be the last.
The Vice President's statement emphasizes the need for clear and consistent regulation in the cryptocurrency industry. As more countries strive to establish themselves as leaders in the sector, the lack of regulatory clarity in the US may cause it to fall behind. Additionally, the situation highlights the need for regulators worldwide to collaborate and cooperate to ensure that the industry can flourish while maintaining consumer protection.

Coinbase is one of the largest cryptocurrency exchanges globally and was the first to go public. The exchange's compliance with US laws and regulations has been attributed to its success. However, its recent legal troubles with the SEC, along with Seifert's comments, suggest that the company may be exploring new options.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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