The U.S. Securities and Exchange Commission’s (SEC) Wells notice to crypto exchange Coinbase worsened the investor sentiment on the country’s crypto ecosystem. That the notice came even after the exchange’s claims of multiple requests for comprehensive crypto regulation and clarity on laws shows the widening gap between crypto players and the regulators. Meanwhile, the ongoing banking crisis came as an advantage to the crypto market, which went bullish with the failure of the Silicon Valley Bank and Signature Bank.
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Very recently, Cathie Wood, the CEO of Ark Invest, credited the decentralized, transparent, and auditable nature of crypto assets as against the centralized nature of banks.
Vacuum In US Crypto Ecosystem
Daniel Seifert, Vice President and Regional Managing Director for EMEA region at Coinbase, said he was impressed by what our international teams are shipping regularly in the crypto market. This is because the US regulatory scope is leaving a void in the country’s crypto businesses. Referring to the news of Circle choosing to have its European headquarters in France, Seifert highlighted that crypto companies are achieving global scale with product releases every week.
“We have observed how the US regulatory approach to crypto has been marked by regulation by enforcement. This approach has created an environment of uncertainty and instability in the crypto industry.”
He also showed an example of the UK government’s active efforts towards becoming a leading crypto hub. This is being led from the highest levels of the UK Government, from the Chancellor of the Exchequer, to the Economic Secretary, to the newly created Department of Science, Innovation and Technology, he explained in a blog.
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The SEC had on March 22 issued a Wells notice to Coinbase over doubts about the listed digital assets, their staking services, and other things.
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