• Coinbase has been discussing the possibility of opening an overseas crypto exchange.
• Recent regulatory actions have caused a shift in sentiment towards bitcoin and cryptocurrency advancement in the US.
• The White House, Treasury, and other state governments such as Arizona and Wyoming are taking steps to regulate or adopt digital currencies.
Coinbase’s Talks of Overseas Crypto Exchange
Coinbase has reportedly been in talks with institutional investors about opening up an overseas cryptocurrency exchange outside of its main marketplace. Sources say that the company is still deciding on where to locate the platform.
Recent Regulatory Actions Affecting US Cryptocurrency Industry
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 from an SEC lawsuit, and Coinbase owing $100 million to New York after regulators alleged it violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks.
White House & Treasury Taking Action
The current administration has been paying close attention to the development of digital assets in the U.S., with the White House releasing a “Roadmap to Mitigate Cryptocurrencies’ Risks,” in January 2023. On top of that, the U.S. Treasury has begun its research on how it can potentially implement or adopt a CBDC, which may take form of a privatized currency (like a stablecoin), or an adaptation of the current system (like FedNow).
State Governments Show Support for Bitcoin Usage
State governments have shown their support for sovereign usage of bitcoin, including Arizona and Wyoming. It demonstrates that there are varying opinions on how best to move forward with U.S monetary decisions regarding cryptocurrencies moving forward.
Cracks Showing In Banking System
Serious attention should be paid to potential cracks showing up in the US banking system, as this could shape what happens with American cryptocurrencies moving forward. Building on top of money that is built to retain its value as opposed to debased money resulting from credit expansion cycles is pertinent for prosperous future prospects within this industry sector.