American crypto exchange giant Coinbase is looking north following a Canadian House of Commons Parliamentary Standing Committee on Industry and Technology report. Contrary to the United States, Canada recognizes crypto and blockchain as emerging industries with significant economic opportunities.
On June 28, Coinbase reported that the Canadian government had released its findings on the crypto and blockchain industry.
Coinbase Praises Canada’s Approach
The firm noted from the report’s 16 different recommendations that it is “pleased to see that the committee recognizes the benefits, utility, and value of blockchain technology.”
Coinbase also highlighted “exciting developments” in Canada as part of its international expansion strategy. The firm sees a path forward in Canada, whereas progress is being stifled south of the border.
“We are continuing to have productive conversations with policymakers, regulators, and customers while we build out our product offerings in Canada.”
The report stated that the government of Canada respects the principle of an individual’s right to self-custody. This should be “protected and that ease of access to safe and reliable on and off ramps should be defended and promoted.”
Additionally, Canada is also keen on establishing a national blockchain strategy.
Furthermore, the Canadian government will conduct innovative pilot projects using blockchain to “help strengthen the ecosystem and recognize up-and-coming businesses.”
Coinbase concluded that the government’s overall approach in recognizing blockchain and crypto as emerging industries was positive. “Canada can serve as a leader of the cryptoeconomy,” it noted.
Learn more about the tools that the SEC is using to crack down on crypto: What Is the Howey Test and How Does It Impact Crypto?
Coinbase is currently battling the Securities and Exchange Commission. The regulator and many other crypto companies have sued the exchange for securities law violations.
On June 29, Coinbase chief legal officer Paul Grewal said that the firm had filed its answer and notice of intent to file a motion to dismiss the SEC case against it.
“We welcome dialogue any time with any regulator, including the SEC, and believe new legislation and rulemaking is the right path forward. But the claims in this case go far beyond existing law – and should be dismissed.”
COIN Price Surges on Investor Confidence
Furthermore, company stock has seen an upswing as investor confidence grows on the notion that Coinbase may get a victory against the SEC.
COIN was trading up 1.23% on the day at $70.88 during after-hours trading. Moreover, the stock has gained a healthy 21% since markets opened on June 26.
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