Crypto Conquers the UK? Coinbase CEO Cheers on Rapid Regulations

With the tightening clutches of cryptocurrency constraints in the United States, Coinbase’s charismatic CEO, Brian Armstrong, seems to be setting sail for the shores of the United Kingdom and Europe.

Certainly, Coinbase’s Brian Armstrong appears enormously enamored by the blossoming crypto regulations blooming in Britain.

“The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection,” he said in a tweet picturing himself alongside the UK’s Economic Secretary and City Minster Andrew Griffith. “Excited to keep investing in the UK.”

Griffith reportedly resurrected an organization known as the Asset Management Taskforce.

Sky News revealed that this revitalized body will delve deep into investigating the ways and means of employing blockchain technology throughout the fund management industry. Coinbase has also provided nine recommendations that would cement the “UK as a leader in the sector.”

These invaluable suggestions proposed that banks banish any blanket prohibitions imposed on crypto purchases, establish a stable and sturdy regulatory framework, and present an actionable plan for ushering decentralized ID into existence.

The post also read that “things are happening in Europe that are edging the region ahead when it comes to embracing the digital economy,” citing the upcoming Markets in Crypto Assets (MiCA) regulations up for vote this week.

Coinbase, Andrew Griffith, and Her Majesty’s Treasury chose to remain tight-lipped and did not immediately provide a response to Decrypt’s request for commentary.

Contrasting Crypto Climate in the US

This optimistic outlook for opportunities across the Atlantic emerges amidst an intensifying crackdown on the cryptocurrency industry within the United States.

Just recently, the SEC leveled charges against Bittrex and its CEO for operating an unregistered securities exchange. Preceding this incident, Coinbase faced a Wells notice, where the SEC formally informed the enterprise of an imminent enforcement action focusing on the cryptocurrency exchange’s staking products.

Notably, back in February, Kraken confronted similar allegations from the SEC and resolved the issue with a whopping $30 million fine.