Coinbase Potentially Considering Launching an Offshore Exchange: Report
The largest cryptocurrency exchange in the United States may be considering starting operations elsewhere.
Coinbase is reportedly in talks with institutional investors about opening an overseas cryptocurrency exchange.
According to sources cited by Bloomberg, “talks with market makers and investment firms touched on the possibility of setting up an alternative venue – away from the main Coinbase marketplace – for global customers.” The sources continued to reveal that the company has not yet decided what niche the platform could base itself on.
Recent regulatory actions have resulted in a shift in sentiment regarding the advancement of bitcoin and the cryptocurrency industry in the United States. Major exchanges have faced regulatory headaches, with Kraken being fined $30 million in an SEC lawsuit, and Coinbase having to pay $100 million to the state of New York after regulators alleged Coinbase scammed users. Violated anti-money-laundering laws by allowing the account to be opened without permission. Adequate background checking.
Furthermore, the current administration is paying close attention to the development of digital assets in the US, with the White House releasing a “roadmap to reduce the risks of cryptocurrencies” in January 2023. On top of that, the US Treasury has begun research on how it could potentially implement or adopt a CBDC, which could take the form of a privatized currency (like a stablecoin), or, more likely, the current system. An adaptation of, as FedNow.
The way the US federal government consistently demonstrates is that of a regulated government currency, either the dollar or similar, not bitcoin. But state governments have shown their support for the sovereign use of bitcoin, including Arizona and Wyoming. It shows that there are differing opinions on the best path for US monetary decisions.
However, serious attention should be paid current cracks A look at the US banking system, and what it could mean for the future. Building on top of the money created to retain its value is relevant to a prosperous future as a result of credit expansion cycles and their effects on the banking system.