Coinbase wants Single Crypto Regulator over 53 Regulators in the US
Coinbase CEO shared his stance on the current regulatory bodies on the crypto market and claimed that there is a need for a new and single regulatory body for crypto.
Last week during the Q3 earnings calls of the Nasdaq listed crypto exchange Coinbase, Coinbase CEO Brian Armstrong shared his thoughts about the meeting with regulators including US Securities and Exchange Commission (SEC) chairman Gary Gensler.
Brian Armstrong stated:
“We’ve met with several different regulators out there … regularly… I had a meeting last week with the chairman of the SEC”
Further, Brian said that there are several regulators, which are regulating the crypto firms and based operations at every step. For instance, there is SEC, CFTF, Treasury, and also many state regulators, which are regulating the money transmission licenses and lending licenses.
Noting that, Coinbase’s operations are active in around 100 countries in the world and going smoothly but in the US the situation is different. Brian said:
“It’s kind of amazing that we, Coinbase, have 53 regulators in just one country, the United States”
Single regulatory body on crypto
A proposal was recommended by the Coinbase CEO, which was published in October of this year. The proposal ‘ Digital Asset Policy Proposal (DAPP)’ suggested bringing a new and single entity to regulate the crypto firms instead of multiple regulators.
Brian tried to assert that multiple regulators are causing harm for the new startups and companies in the US.
Alesia Haas- Coinbase’s chief financial officer- said that “Our goal right now is to get our regulator focused on crypto”. She further noted that there are many limitations and needs in the traditional system but this innovative technology is needed over traditional. Further, she continues
“We think that having a single regulator, who deeply understands the technology and then helps bring what the new principles for financial regulation in crypto look like, will be helpful”
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