During a Fintech Week event in London, Brian Armstrong, the CEO of Coinbase, stated that the company may have to consider withdrawing from the US market if the lack of regulatory clarity in the crypto industry persists.
Armstrong believes that the US has the potential to become a significant market for cryptocurrencies, but without the necessary clarity, the company may have to look at increasing investment in other countries.
He stated that Coinbase is exploring all options, including relocation or anything else necessary.
This announcement comes after the US Securities and Exchange Commission (SEC) warned Coinbase in March that it could take enforcement action against the company for selling unregistered securities.
Coinbase management responded by stating that the notice concerned an unspecified segment of digital assets, including the Coinbase Earn and Coinbase Prime programs, and the Coinbase Wallet.
In a bid to fight against the SEC’s alleged arbitrariness, Armstrong encouraged users to vote for politicians who support the cryptocurrency industry.