TBW #56: Don't see yourself as too pretty
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Don't think too highly of yourself 🙄
Brian Armstrong isn't happy 😡.
Engaged in a tug-of-war with the US securities regulator (SEC) over the regulation of cryptos, the Coinbase boss is pulling out all the stops, even if it means using the big guns. Two days ago, the American announced the creation of a crypto derivatives trading platform outside... the United States.
The message is very clear: "Coinbase International Exchange will enable us to continue to serve our customers in the best possible way", explained in particular the man who runs the largest crypto platform 🇺🇸.
A sign that the tensions do not only concern Coinbase, one of the other US heavyweights, Gemini, has also announced the creation of an offshore trading platform for institutional investors.
Beyond the concomitance of the announcements, it is also the geography of these new structures that is interesting. None of these platforms is in Europe.
Coinbase's is in Bermuda and Gemini's is in Singapore.
In itself, the fact that the two American groups did not choose the Old Continent to set up their new business is no tragedy. But it does show that Europe, if it wants to become a real home for crypto projects, will not have to be content to wait and see itself looking better than it is.
It will also have to be pro-active and do a little more than "stable" regulation like MiCA. Because other countries and jurisdictions are also attractive.