The largest cryptocurrency exchange in the United States may be looking at opening operations elsewhere.
Coinbase has reportedly been in talks with institutional investors about opening up an overseas cryptocurrency exchange.
According to sources cited by Bloomberg, “talks with market makers and investment firms touched on the possibility of establishing an alternative venue — away from the main Coinbase marketplace — for global clients.” The sources continued to explain that the company has not yet decided the location the platform might base itself out of.
Recent regulatory actions have led to a turnaround in sentiment in regards to the advancement of the bitcoin and cryptocurrency industry in the United States. Major exchanges have faced regulatory headaches, with Kraken settling for $30 million in fines in an SEC lawsuitand Coinbase owes $100 million to the state of New York after regulators alleged Coinbase “violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks.”
In addition, the current administration has been paying close attention to the development of digital assets in the US, with the White House releasing a “Roadmap to Mitigate Cryptocurrencies’ Risks,” in January 2023. On top of that, the US Treasury has began its research on how it can potentially implement or adopt a CBDC, which may take the form of a privatized currency (like a stablecoin), or, more likely, an adaptation of the current system, in the form of FedNow,
The path that the US federal government continually demonstrates it wants to take is that of a regulated government currency, either the dollar or similar, and not that of bitcoin. But state governments have shown their support for sovereign use of bitcoin, including Arizona and Wyoming, It demonstrates that there are varying opinions on the best path forward for US monetary decisions.
Serious attention, however, should be paid to the current cracks showing in the US banking system, and what this could mean for the future. Building on top of a money that is built to retain its value, versus a debased money that results from credit expansion cycles and their impacts to the banking system is pertinent to a prosperous future.
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