Coinbase CEO Brian Armstrong has expressed his frustration with the lack of clear regulations for the cryptocurrency industry in the US, stating that the company may need to leave the country if the situation does not improve.
Speaking at an event in London, Armstrong said that he would prefer to operate in a jurisdiction where there is only one regulator with a consistent approach, such as the UK. Although he still sees the US as an important market, he said that he would be open to relocating the company if necessary.
This follows Coinbase's receipt of a Wells notice from the Securities and Exchange Commission (SEC) in late March, and the regulator's initiation of more than 50 crypto-related enforcement actions in recent years.
Meanwhile, Republican members of Congress have criticised the SEC's approach to the crypto industry in a letter and during a Congressional hearing, with House Committee on Financial Services Chairman Patrick McHenry calling it "nonsensical".
Image: Getty
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