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

Mad Lads’ Backpack Exchange closes $17 million Series A led by Placeholder VC
Zoltan Vardai11 hours agoMad Lads’ Backpack Exchange closes $17 million Series A led by Placeholder VCThe funds will be used to continue the exchange’s global expansion and further improve products, its founder told
European Central Bank releases first CBDC progress update
Vince Quill5 hours agoEuropean Central Bank releases first CBDC progress updateThe ECB promised pseudonymization and independent audits of the CBDC system to calm consumer fears of tracking.730 Total views1 Total sharesL
Vitalik Buterin Becomes Citizen of Crypto-Friendly Montenegro
Vitalik Buterin Becomes Citizen of Crypto-Friendly Montenegro Ethereum co-founder Vitalik Buterin has been granted Montenegrin citizenship. Buterin joins other members of the crypt
LBank and Adanian Labs Kickstarts a ‘Crypto Accelerator Program’ in Kenya
LBank and Adanian Labs Kickstarts a ‘Crypto Accelerator Program’ in Kenya press release PRESS RELEASE.The blockchain ecosystem is growing exponentially. It has brought prosperit
Solana Holds Crucial Level – Can SOL Push Above $200?
Este artículo también está disponible en español. Solana (SOL) is showing resilience as it holds firmly above critical demand levels, signaling the potential for an upcom
Bolivia lifts ban on Bitcoin, authorizes crypto transactions via banks
Prashant Jha14 hours agoBolivia lifts ban on Bitcoin, authorizes crypto transactions via banksThe change in regulatory stance marks the end of a ban on crypto use in the country in place since 2014.2857 Total views23 Tot
From Star Trek to Wikipedia: Crashing Bitcoin SV Fails to Impress
From Star Trek to Wikipedia: Crashing Bitcoin SV Fails to Impress The Bitcoin SV network and the infamous Craig Wright have been publicly scrutinized by two well known individual
Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom
Zoltan Vardai39 minutes agoBitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottomThe last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in
Asian Stocks Mixed as Bank of Japan Hints at New Stimulus Measures in October
Stocks in the Asia Pacific region diverged on Thursday, as investors assessed the Bank of Japan"s (BOJ) latest policy decision, which maintained the status quo on a long-running stimulus program designed to boost growth
UK Widens Crackdown on Unauthorized Crypto ATMs
UK Widens Crackdown on Unauthorized Crypto ATMs Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurr
Canadian Company Mojo Invests $1.5 Million in Bitcoin, Plans to Allocate More Next Year
Canadian Company Mojo Invests $1.5 Million in Bitcoin, Plans to Allocate More Next Year On December 23, 2020, the Canadian financial tech firm Mogo announced its
Zhiyuan Sun4 hours agoBIS develops framework against CBDC cyberattacksThe institution cited rising exploits against DeFi as a need for more secure CBDCs.1470 Total views1 Total sharesListen to article 0:00NewsJoin us on