Coinbase CEO Brian Armstrong claimed that enforcement-based legislation drives the business offshore, but his claims have infuriated some cryptocurrency community members. Armstrong made his remarks in a Twitter thread on Tuesday, during which the founder lashed out at the political and regulatory environment in the United States. That alone was enough to incite rage in several people.

https://twitter.com/brian_armstrong/status/1572095723306627073
<h2>Leaving the United States Behind</h2>
In recent years, the American technology manufacturing sector has fallen behind rivals in Asia, such as China, Taiwan, and South Korea. Armstrong finds a comparison in the world of cryptocurrencies. According to Armstrong, the United States is in danger of falling behind and becoming weaker due to onerous regulations. Armstrong said,

 "One of the strongest policy arguments for cryptocurrency is a national security issue. The U.S. missed on semiconductors and 5G, which is now largely manufactured offshore. It can't afford to have cryptocurrency go offshore."

Coinbase CEO claims that regulation through enforcement "has a severe chilling effect" and that "a substantial chunk of crypto expertise, asset issuers, and businesses have already gone offshore." Although the community may embrace these principles, centralized exchanges and Armstrong must have a base of operations, and Coinbase is based in the United States.
<h2>Coinbase and SEC Inquiry</h2>
In recent months, Coinbase has also faced SEC inquiry. The commission investigated whether Coinbase illegally enables customers to trade digital assets that haven't been registered as securities and charged an ex-Coinbase product manager with fraud.

It is debatable how to categorize bitcoin tokens, and Armstrong stated he anticipates the business will get some regulatory clarification following the midterm elections. The Commodity Futures Trading Commission would be in charge of regulating cryptocurrencies if they were treated as commodities like other forms of money. But the sale of speculative tokens provides funding for many cryptocurrency initiatives.

Coinbase CEO Claims Regulation by Enforcement Forcing Crypto Industry Offshore

Coinbase CEO Brian Armstrong claimed that enforcement-based legislation drives the business offshore, but his claims have infuriated some cryptocurrency community members%Coinbase CEO

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Coinbase CEO Claims Regulation by Enforcement Forcing Crypto Industry Offshore

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