Last Updated on August 5, 2023 by Bitfinsider
Armstrong had previously expressed reservations about the country’s hazy regulatory environment for cryptocurrencies and made a suggestion that Coinbase would relocate abroad if the situation called for it.
Armstrong emphasised in an interview that the exchange has no plans to leave Coinbase and emphasised the enormous importance of the US market.
He reaffirmed their commitment to abiding by US laws. Armstrong acknowledged the potential for the area to develop a large crypto sector, but he also acknowledged the difficulties brought on by regulatory ambiguity. However, Coinbase is still committed to navigating these difficulties and promoting a simpler regulatory environment for cryptocurrencies.
On August 4, Coinbase’s legal representative Paul Grewal publicly asked for the US Securities and Exchange Commission (SEC) case against the exchange to be dismissed.
This motion highlights the exchange’s confidence in successfully defending itself against the SEC’s accusations by using the recent XRP judgement as a precedent.
These allegations have been dismissed by Coinbase, which is confident in its legal position that the disputed cryptocurrencies are not securities. The exchange further thinks that the SEC lacks authority over these coins.
In its legal response, Coinbase argued that it believed the SEC’s actions violated due process, were an abuse of its power, and went against its prior interpretations of the securities laws.
The exchange thinks that the SEC’s emphasis on enforcement, in the absence of clear regulations for the digital asset sector, is undermining American economic competitiveness and impeding the expansion of creative companies.
On August 23, the lawsuit will be examined in court. The arguments put forth by both parties will determine whether the matter is heard or dismissed.
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