Just-In: Coinbase ($COIN) Jumps 2% As CEO Hints Moving Offshore

Crypto News: Coinbase Global, the U.S. largest crypto exchange and U.S. Securities and Exchange Commission (SEC) seems to be heading to a major legal battle over clarity around Digital Crypto Assets. However, Brian Armstrong, CEO of Coinbase hinted that it could move offshore if the financial regulators fail to provide regulatory clarity.

Also Read: Key Agendas In SEC Chair Gensler Prepared Testimony Before US House

Coinbase To Leave U.S.?

The global digital asset market is on a recovery rally as Bitcoin’s (BTC) price breached the crucial $30K level. The cumulative crypto market cap stands at around $1.27 trillion. Amid the recovery, the industry leaders are hitting back at the U.S. SEC and CFTC demanding regulatory clarity in order to operate legally.

According to a report by Reuters, Coinbase Chief mentioned that there is a major need for clear regulation and legislation onshore. He added that if leaders like UK and U.S. fails to provide clarity, crypto firms might go on to build offshore havens.

Coinbase Global Inc (NASDAQ: COIN) price registered a surge of almost 2% in the pre market. It is up by 1.31 points to trade at $69.03, at the press time. Read More Crypto News Here…

Earlier, Coingape reported that Coinbase might be the next on target of the US SEC after Bittrex. It mentioned that Ex SEC officials claimed that other major crypto exchanges in the U.S. might face similar charges.

Also Read: Critical Vulnerabilities in iOS and macOS Risks Crypto Assets Loss

Coinbase CEO in Tweet mentioned the growth of crypto over the past decade. He stated that aroun 200 million to 300 million people have tried crypto in the last 10 years. However, if we go by this rate then in the next 10 years there will be around 2 billion-3 billion people who would be using crypto. He compared this to the internet adoption.