Cryptocurrency exchange Coinbase CEO Brian Armstrong said the trading floor is 100% committed to the U.S. market despite the uncertainty of cryptocurrency regulation in the country.
According to a letter to shareholders from Brian Armstrong, the exchange managed to increase its revenue by 22% in the first quarter of 2023 and cut its net income loss from $475 million to $79 million.
Armstrong assured shareholders that in the long term, the exchange will continue to operate in the U.S. market.
“I founded this company in the United States because the rule of law prevails here.
Congress is able to pass new legislation with a clear set of rules for the industry. I believe the U.S. will get it right,” Armstrong said.
That said, the Coinbase chief’s optimism is clouded by the U.S. Securities and Exchange Commission (SEC), which often takes enforcement action against cryptocurrencies.
For example, in March the agency suspected Coinbase of possible violations of securities laws;
Armstrong said despite the exchange’s ongoing communication with the SEC, the regulator has never voiced specific concerns about Coinbase.
Therefore, it is difficult to predict the timing of any litigation with the SEC that the exchange may face.
Note that Coinbase does expand its presence overseas. In April, the exchange received a license in Bermuda to launch a crypto derivatives platform.
Late last year, the platform received permission from the Irish regulator to operate in the country, as well as approval from the Monetary Authority of Singapore (MAS) to provide digital asset services to local residents.