Threats from Coinbase to leave the US

Coinbase CEO Brian Armstrong said crypto firms may leave the US if regulatory uncertainty continues. He blamed the "turf battle" between the Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) for the confusion. Coinbase received a Digital Asset Business License from Bermuda and is seeking one in Abu Dhabi. The SEC served Coinbase with a "Wells notice" last month, warning the company that it might be operating in violation of securities laws. The regulator filed a lawsuit against Bittrex, a competing crypto exchange, on Monday. The SEC chair Gary Gensler has argued crypto exchanges like Coinbase are illegally operating as unlicensed security exchanges.