• Coinbase has reportedly been in talks with institutional investors about opening up an overseas cryptocurrency exchange.
• Major exchanges have faced regulatory headaches, with Kraken settling for $30 million in fines in an SEC lawsuit, and Coinbase owing $100 million to the state of New York after regulators alleged Coinbase “violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks.”
• The U.S. Treasury has begun its research on how it can potentially implement or adopt a CBDC, which may take the form of a privatized currency (like a stablecoin).
Coinbase Talks With Institutional Investors
Coinbase has reportedly been in talks with institutional investors about opening up an overseas cryptocurrency exchange. According to sources cited by Bloomberg, “talks with market makers and investment firms touched on the possibility of establishing an alternative venue — away from the main Coinbase marketplace — for global clients.” The sources continued to explain that the company has not yet decided the location the platform might base itself out of.
Regulatory Actions
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 in an SEC lawsuit, and Coinbase owing $100 million to the state of New York after regulators alleged Coinbase “violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks.” In addition, 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 the form of a privatized currency (like a stablecoin), or, more likely, an adaption of the current system, in