Fun

Coinbase Pushes for Single Crypto Regulator: CEO Says ‘We Have 53 Regulators in Just One Country, the US’

News Feed - 2021-11-15 09:11:25

Coinbase Pushes for Single Crypto Regulator: CEO Says "We Have 53 Regulators in Just One Country, the US"


Crypto exchange Coinbase has been meeting with a number of regulators to convince them that the U.S. should have just one federal regulator overseeing the crypto sector. Currently, there is a variety of different regulators in the U.S., CEO Brian Armstrong explained, noting that Coinbase has “53 regulators in just one country, the United States.” Coinbase Wants One Regulator in the US


The Nasdaq-listed cryptocurrency exchange Coinbase is pushing for the U.S. to have just one crypto regulator.


“We’ve met with a number of different regulators out there … on a regular basis … I had a meeting last week with the chairman of the SEC, Chair [Gary] Gensler, which I think was very productive,” Coinbase CEO Brian Armstrong said during the company’s Q3 earnings call last week.


“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.


Noting that Coinbase serves customers in more than 100 countries, Armstrong opined: It’s kind of amazing that we, Coinbase, have 53 regulators in just one country, the United States.


The CEO proceeded to reference the crypto regulatory proposal Coinbase published in October. The Digital Asset Policy Proposal (DAPP) recommends having one single federal regulator in the U.S.


“It could be underneath one of the existing regulators. It doesn’t have to be a completely new entity, but it’d be nice to consolidate it a bit and use that as a way to enable more innovation in this space,” Armstrong continued, emphasizing that having many regulators really harms startups in the space.


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


She explained that “the technology is just so different,” noting that it can eliminate the need for some traditional financial services. The CFO opined: 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.


Do you agree with Coinbase that the U.S. should just have one crypto regulator? Let us know in the comments section below. Every Large Bank Will Actively Consider Crypto in 1-3 Years, Says Former Citi CEO REGULATION | 1 day ago India"s Central Bank RBI Reiterates "Serious Concerns" About Crypto — Governor Doubts Reports on Indian Crypto Investors REGULATION | 3 days ago Tags in this story Coinbase, coinbase crypto proposal, coinbase licenses, coinbase regulators, Cryptocurrency regulation, Regulators, SEC, sec chair gary gensler, us crypto regulation, US Regulation, US Regulators


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Revolut Launches Banking Services in Spain Featuring Deposit Insurance
Revolut Launches Banking Services in Spain Featuring Deposit Insurance Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain.
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site Bitcoin mining operations continue to truck on through the crypto w
Bitcoin demand sharply declining since April — CryptoQuant
Ana Paula Pereira6 hours agoBitcoin demand sharply declining since April — CryptoQuantThe slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.1193 Total views16 Total share
SinVerse Secures Strategic Partnership and Investment from DWF Labs to Drive Web-3 Gaming Industry
SinVerse Secures Strategic Partnership and Investment from DWF Labs to Drive Web-3 Gaming Industry press release PRESS RELEASE.SinVerse Studios, a trailblazing web-3 game studio, ha
A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies
A "Significant Increase": UK Regulator Says 2.6 Million Residents Have Bought CryptocurrenciesThe UK’s top financial regulator has conducted a survey and found a “signif
Dogecoin Trader Who Nailed 300% Rally Says It’s About To Repeat
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Riot Blockchain Buys 15,000 Antminers, Operation Will Command 37,640 Bitcoin Miners
Riot Blockchain Buys 15,000 Antminers, Operation Will Command 37,640 Bitcoin Miners Publicly listed firm Riot Blockchain has announced the company is purchasing
Turner Wright17 hours agoUS Attorney’s Office announces criminal fraud charges against Alex MashinskyAuthorities said they had reached a “non-prosecution agreement” with Celsius, but former CEO Alex Mashinsky will
Brayden Lindrea21 minutes agoCTFC cracks down on DeFi protocols Opyn, ZeroEx and DeridexThe commodities regulator handed out fines of $250,000, $200,000, and $100,000 respectively to the three firms in addition to cease
Is The XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Faces Make-Or-Break Battle As 1.76 Million BTC Cluster Between $94,125 And $99,150
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Pulls Back To 20DMA After $2,700 Rejection: Testing Strength At Key Support
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu