Because Coinbase appears to be engaged in a court battle with the Securities and Exchange Commission (SEC), the company focuses on the fact that the US's radical approach to password regulation "leaves a vacuum pump that other countries are looking forward to making up for."

The SEC issued a Wells Fargo notice to Coinbase on March 22nd outlining that SEC staff had suggested that the agency take enforcement action against some of the company's property sales, betting services and Coinbase wallets "likely to violate securities laws".

In an online article entitled "the European region has won", published on March 23rd. Will the United States catch up?Toni Seifert, vice president of Coinbase and CEO of Europe and the United States, noted that although the entire market is calling for "omni-directional regulation" of encryption, the US "S" regulatory approach to encryption "has always taken mandatory regulation as the starting point."

"this behavior creates an uncertain and unstable natural environment in the cryptographic field," he wrote. "

As a result, Seifert feels that the US has lost its position as the leading global centre for passwords, while France, the UK and EU countries are now creating "vibrant" ecosystems because of their friendlier approaches to password regulation.

"the United States has left a vacuum pump that other countries are looking forward to making up for," he wrote, adding: "everyone is proudly an American company. We cannot stay on the sidelines and watch the United States squander the good opportunities it has gained.

Seifert highlighted the need for the blockchain Technology week in Paris, France, to be held at the Louvre that month. He referred to the recent unremitting efforts of the United States S to become a cryptographic center, and its EU countries will enter into force encrypted assets Market (MICA) policies and regulations in 2024.

"this year's exhibition will be held in a private space in the Louvre, which is France's best national treasure and one of the world's respected history museums," he said. "

"for me, this is an established signal: France has quickly recognized the opportunities brought about by passwords and provided them with a fast-growing interior space. A wider range of EU countries, the United States, Dubai, Hong Kong, China, Malaysia, Australia and Japan are all learning from it.

MICA law has been in existence for more than a year and is committed to establishing a consistent set of cryptographic property and various activities and service standards.

It is widely expected to be a proactive measure in the encrypted currency ecosystem in Europe, as it also provides rules and basic guidelines for the market.

It has been seen that the market share of password developers in Europe is now similar to that of the United States (29% worldwide). In the past, the United States is ahead of other countries with 40% of the vote.

This kind of improvement is by no means accidental. Concerted and persistent efforts must be made, such as developing a regulatory framework to provide openness and reliability to companies operating in this area.

In a tedious tweet on March 23, the Association for Independent Innovation of encryption expressed a similar view to Seifert, commenting that "encryption is global and no one can wait for the United States to land at the airport."

This paper discusses the great development around the world, including the smooth cooperation between Australian National Bank and non-US dollar-related bonds, Hong Kong, China's efforts to be a digital currency center, and the recent "enhanced Investor Protection Service commitment" made by the Australian Securities Management Office to the password Trading Center in China.