American cryptocurrency exchange Coinbase Global Inc. has announced its return to Hawaii after seven years of exiting the island state. Unclear regulations forced the trading platform out at the time. Notably, the crypto firm made this decision based on improved regional regulations.
Hawaii Resident Gets Access to Crypto via Coinbase
With its return to Hawaii, the digital asset service provider plans to improve accessibility to crypto for state residents. As the trading platform noted, crypto enthusiasts can now buy, sell, and manage their digital asset portfolios on Coinbase, which touts itself as the most trusted exchange.
Hawaii residents have long demonstrated a strong interest in accessing digital assets through publicly traded companies. Coinbase faced limitations due to the unclear regulatory framework in the region at the time. It is worth noting that the trading firm’s executives, including CLO Paul Grewal, continue to push for statute-driven crypto regulation.
The advocacy seem to be working indirectly with the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI). This regulator recently made some notable changes, providing clarity to crypto companies.
This latest development is a significant milestone for both Coinbase and the island state. Residents of Hawaii can also gain access to a suite of crypto services including a long list of cryptocurrencies. They could also set up recurring buys, earn rewards, track prices, stake, and transfer assets internationally.
Search For Regulatory Clarity in the US
The expansion to Hawaii is a testament to the crypto exchange’s commitment to compliance across the United States and other regions. This reflects in its effort towards ensuring that the Securities and Exchange Commission (SEC) makes robust regulatory clarity available in the US. Earlier this week, Coinbase challenged a recent proposition to expand exchange definition to include DEXs like Uniswap
Paul Grewal pointed out that the commission’s inclusion of Decentralized Exchanges (DEXs) in the definition did not come with critical analysis. He even accused the SEC of failing to collect basic information on how the proposal would affect DEXs.
Over the years, it has become common practice to see the exchange and US regulators at loggerheads. Usually, it is related to regulatory requirements and appropriate framework. A few days ago, the leading crypto trading platform voiced concerns to the proposed prediction market ban on specific types of prediction market by the U.S. Commodity Futures Trading Commission (CFTC).
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