Coinbase CEO Brian Armstrong
Coinbase CEO Brian Armstrong has commented on the issue, saying that the United States is at risk of losing its place as the world's number one crypto hub if it is fully opened in Hong Kong.
Over the past years, the United States has been going head to head with crypto firms and making them pay huge fines over unnecessary issues. Recently, the SEC labeled Kraken exchange as an illegal institution and made them pay about $30 million.
Other regulatory issues crypto firms such as Binance are facing could make them move their headquarters to Hong Kong when it fully opens its gates to institutions. "America risks losing its status as a financial hub long term, with no clear regulations on crypto and a hostile environment from regulators," Coinbase CEO Brian Armstrong said on Twitter.
