Market

Coinbase Advocates for a Single Cryptocurrency Regulator

Exchange of cryptocurrencies Coinbase has been engaging with a number of authorities in an attempt to persuade them that the crypto industry in the United States should be overseen by a single federal regulator. Currently, there are a number of various authorities in the United States, according to CEO Brian Armstrong, who said that Coinbase has “53 regulators in just one country, the United States.”

Coinbase Advocates for a Single Cryptocurrency Regulator 2

Coinbase, a Nasdaq-listed cryptocurrency exchange, is advocating for the United States to have only one cryptocurrency regulator.

“We’ve met with a variety of regulators out there… on a regular basis… “I had a meeting last week with the chairman of the SEC, Chair [Gary] Gensler, which I believe was quite fruitful,” Coinbase CEO Brian Armstrong said last week during the company’s third-quarter earnings call.

“There’s a variety of different regulators in the United States … There’s the CFTC [Commodity Futures Trading Commission], the SEC [Securities and Exchange Commission], the Treasury. And then, of course, we have state regulators as well on money transmission licenses and lending licenses,” he added.

Armstrong observed, noting that Coinbase services clients in over 100 countries:

It’s kind of amazing that we, Coinbase, have 53 regulators in just one country, the United States.

The CEO then made a reference to Coinbase’s crypto regulation proposal, which was released in October. The Digital Asset Policy Proposal (DAPP) proposes a single federal regulator in the United States.

“It might be beneath one of the current regulators.” It doesn’t have to be a fully new institution, but it would be wonderful to condense it a little and leverage that as a means to promote more innovation in this field,” Armstrong stated, noting that having too many regulators hurts entrepreneurs in the space.

“Our goal right now is to get our regulator focused on crypto,” said Alesia Haas, Coinbase’s chief financial officer (CFO).

She stated that “technology is just so different,” and that it has the potential to remove the need for certain traditional financial services. According to the CFO:

We think that having a single regulator, who really deeply understands the technology and then helps bring what the new principles for financial regulation in crypto look like, will be helpful.

Patrick

Coincu News

Victor

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

25 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.