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Coinbase ($COIN) Tanks 3% As CEO Hints Moving Offshore

Coinbase Global, the largest crypto exchange in the US, is potentially heading towards a legal battle with the US Securities and Exchange Commission (SEC) over regulatory clarity around digital assets. Coinbase CEO Brian Armstrong has hinted that the exchange may move offshore if financial regulators fail to provide the necessary regulatory clarity. The global digital asset market is experiencing a recovery rally, with Bitcoin's price surpassing the important $30,000 level and the cumulative crypto market cap standing at around $1.27 trillion. Amid the recovery, industry leaders are calling for regulatory clarity to operate legally, and Armstrong has stated that clear regulation and legislation onshore are necessary, and if leaders like the UK and US fail to provide clarity, crypto firms may build offshore havens. Coinbase's stock price has registered a surge of almost 2% in pre-market trading.

(By Ashish Kumar)

Coinbase tokenized stock FTX Coinbase tokenized stock FTX $87.77
+23.12%
Coinbase Brian Armstrong
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