The launch of the platform coincides with the tightening of US regulators’ grip on digital assets firms. Coinbase sued the Securities and Exchange Commission last month for failing to provide guidance on the cryptocurrency market using the formal rulemaking process. The SEC then sent Coinbase a Wells Notice, informing it that the company had violated US securities laws by offering unregistered security.
In March, the Commodity Futures Trading Commission (CFTC) sued Binance for operating an illegal crypto-derivatives exchange in the US. Coinbase said that it was committed to the US even though there has been a crackdown by the US regulatory authorities.
The exchange said:
Coinbase remains committed to the US. But countries around the globe are moving towards responsible crypto-forward regulation frameworks in order to strategically position themselves to become crypto hubs. We’d like to see the US adopt a similar approach to regulation and enforcement, which has resulted in a disappointing trend of crypto development.
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