Coinbase says the US has “left a void that other countries are eager to fill”

Coinbase says the US has “left a void that other countries are eager to fill”

with Coinbase is about to have a legal battle with the Securities and Exchange Commission (SEC)The company noted that the US government’s hardline approach to cryptocurrency “He left a void that other countries are eager to fill.

On March 22, the Securities and Exchange Commission sent Coinbase a Wells notedin which the regulator advised the company Potential violations of securities lawsThrough some of the assets on the platform. Therefore, the SEC may soon take enforcement action against the exchange.

in March 23 post – Titled “Europe Triumphs: Can the United States Catch Up?” – Daniel SeifertVice President and Regional General Manager of Coinbase Europe, emphasized:The US regulatory approach to cryptocurrency is characterized by b Regulation is done by applying rules‘, despite industry-wide calls for ‘A clear and comprehensive regulatory framework for cryptocurrencies.

This approach created a file An environment of uncertainty and instability for the entire crypto industrySeifert writes.

Paul Grewal, Coinbase’s chief legal officer, says the SEC only wants to argue in court, not talks. In dozens of meetings with the Securities and Exchange Commission over the past nine months, Grewal says, the exchange has never received “essentially any response” to key questions. “

Sievert thinks so The United States is losing its position as the leader in the cryptocurrency industry. Other countries – such as France and the United Kingdom, as well as the European Union as a whole – are building ecosystems.”aliveBecause of their more crypto-friendly approach to curation:

“The United States has left a void that other countries are eager to fill. We are proud to be an American company, but it is increasingly difficult to watch the United States squander the opportunity presented to it.”

  • The Securities and Exchange Commission (SEC) missed out on one of the biggest frauds in history: FTX/Alameda.
  • Gary Gensler befriends the main proponent of this scam: Sam Bankman-Fried.
  • Then the SEC takes it out on one of the most legitimate companies in the entire crypto industry: Coinbase.

Yes, completely normal and rational behavior.

In particular, Seifert emphasized the importance ofBlockchain Week event Which will be held this month at the Louvre Museum in Paris:

This year it will be held in a special location in the Louvre: arguably France’s greatest national treasure and one of the most respected museums in the world.

For me, this is a clear signal: France has understood the opportunity presented by cryptocurrencies, and is offering this technology to flourish. The European Union in general, the United Kingdom, the United Arab Emirates, Hong Kong, Singapore, Australia and Japan – all these countries are aware of the potential of cryptocurrencies. “

It also highlighted the UK’s recent efforts to become a global cryptocurrency hub as well New EU Regulations Focused on Cryptocurrency (MiCA) which is expected to enter into force in 2024.

See also  USA 2024 Obama takes the field to help Biden and aims to win over young voters

MiCA legislation is In development for about two years It aims to createA set of rules for crypto assets, as well as related activities and services.“A well-defined regulatory framework will provide a major boost to the cryptocurrency ecosystem in Europe:

“Europe is already equal to the US in the number of cryptocurrency developers globally (29% of the total for both). The US was once in the lead with a share of 40%.

This level of growth does not happen by chance. Concerted efforts should be made, such as putting in place a regulatory framework that provides clarity and stability to companies operating in this sector.”

In a lengthy Twitter thread on March 23, the Crypto Innovation Council also made points similar to Seifert’s, stating that Cryptocurrency is global, and no one will be left waiting for the US to land a plane.

Leave a Reply

Your email address will not be published. Required fields are marked *