Digital asset exchanges in the US fight back against the SEC!

US-based crypto exchange Coinbase has no plans whatsoever to withdraw its business from the US, as CEO Brian Armstrong has now confirmed during a press conference on the quarterly report for Q1 2023.
On 5 May, Armstrong accordingly assured shareholders that the company will remain 100% based in the US market in the long term, despite regulatory uncertainties in the US.
“I’ll be clear, we are 100% committed to the US. I started this company in the US because I value the rule of law here. It’s very important and I’m very optimistic that the US will find the right solution [for dealing with crypto].”
The optimism Armstrong alludes to stems from his confidence that Congress will soon pass a clear set of rules that crypto companies can finally follow:
“In my visits to Washington, I’ve sensed great bipartisan support for new legislation that would create clearer rules [for crypo] in the US, and I think it’s really important for America that we get this right.”

Crypto exchange Coinbase narrowed its net loss significantly in the first quarter of 2023, thanks in part to robust revenues from retail trading.
The company’s net loss narrowed accordingly from $557m in Q4 2022 to $79m in Q1, largely driven by a 22% increase in revenue to $736m.
The positive results even exceeded the expectations of some analysts, which in turn resulted in a 7% increase in the Coinbase share price.
This clearly shows that retail customers continue to be of enormous importance for the digital asset market, although institutional investors could displace them in the long run.

Crypto exchange Coinbase has been vindicated in court, which now forces the US Securities and Exchange Commission to respond to its handling of cryptocurrencies within 10 days. aut Grewal said the court’s response is a written order that now requires the SEC to respond to Coinbase’s so-called “Writ of Mandamus” within 10 days. The writ of mandamus is an American legal remedy by which an official body (e.g. a public authority) can be ordered to comply with a legal obligation. This could create rapid tension, as now the SEC will have to change its tactics and should come out in favour of clear regulation.