In an interview with The Wall Street Journal, Coinbase CEO Brian Armstrong explains that entrepreneurs involved in cryptocurrencies will return to the United States when they find appropriate regulations from the government.
He emphasizes that cryptocurrency regulation is not rocket science and expresses confidence that the United States will provide clear regulations, even if it takes time. Armstrong’s comments come after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for allegedly operating as an unregistered securities exchange, brokerage, and settlement agency.
Armstrong believes there was no need for Coinbase to register and hopes that the lawsuit will lead to better clarity on regulations and prevent the country from falling behind the rest of the world.
He asserts that once clear and stable regulations are in place regarding cryptocurrencies in the United States, it will encourage the return of crypto-related businesses.
Armstrong also notes the lack of clear rules currently and mentions that Coinbase has not received detailed comments from the SEC regarding this matter.
