Coinbase, the US-based cryptocurrency exchange, is facing the prospect of a protracted legal battle with the Securities and Exchange Commission (SEC) after the regulator warned of potential securities law violations. CEO Brian Armstrong expressed frustration at the lack of clear details from the SEC about the alleged violations, and suggested that the company may have to go to court to obtain the necessary clarity. Armstrong criticised the SEC for failing to provide a clear regulatory framework for the crypto industry, calling it an “abdication of responsibility”.
He also revealed that Coinbase may consider relocating outside of the US due to the lack of regulatory clarity, with the UK seen as a priority location. Armstrong made the comments at a fintech event in London, where he also warned that Coinbase’s ongoing legal dispute with the SEC could be lengthy and costly.
