According to Brian Armstrong, CEO of Coinbase, when the government comes up with the “right outcome” for legislation, crypto entrepreneurs will only come back to the United States.

Brian Armstrong, the CEO of the digital currency exchange Coinbase, highlighted that regulating cryptocurrencies isn’t “rocket science” and is optimistic that the United States will reach regulatory certainty, “even if it takes a while.”

Armstrong sat down for an interview with The Wall Street Journal on June 11, just days after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase on June 6. The SEC alleges that Coinbase has been operating a securities exchange, broker-dealership and clearing house without registering with the commission.

On April 11, Cointelegraph reported that “little regulatory clarity” was a crucial role in the U.S. losing 26% of the world’s cryptocurrency developers between 2018 and 2022. As a result, “America’s edge may be slipping.”

In particular, Armstrong emphasized the need for clear “boundaries” between the SEC and the Commodity Futures Trading Commission, the two main financial authorities in the United States.

He emphasized that the United States is currently seeing a “turf war” between two regulatory agencies, in contrast to other nations, including the United Kingdom, which only has one financial regulator.

He believes that several fundamental regulations can simply be transferred from traditional finance, such as basic consumer protection, financial statement audit requirements, and procedures for both Anti-Money Laundering and Know Your Customer.

Armstrong reiterated that there is currently “no clear rule book” for cryptocurrency regulations in the U.S., and despite continuously asking the SEC for more clarity, Coinbase couldn’t “get any feedback.“

This comes after Armstrong responded to the SEC lawsuit against Coinbase over Twitter on June 7, saying he is proud to “represent the industry in court” and get some “clarity around crypto rules.“