Coinbase Pushes for Single Crypto Regulator
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: Its 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 Coinbases 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.
For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.
Article involves exchange
SEC Chair: Innovation Around DeFi "Could Be Real"
Gary Gensler believes that DeFi could offer "real innovation," but he is convinced that the sector will not survive without regulatory compliance
US Regulators Release ‘To-Do List’ For Cryptocurrencies In 2022 — Here’s What They Are Focusing On
US regulators have released a blueprint to guide the conduct of cryptocurrency market participants in 2022.
Crypto Is Here To Stay, Says Paytm Founder Amid Regulatory Debate In India
The government of India is set to propose a new crypto bill in Parliament. This bill contains some regulations that are unfavorable to India’s cryptocurrency economy. In the midst of this, Vijay Shekhar Sharma, the founder of Paytm, has a lot to say. Paytm is an Indian multinational technology company that specializes in digital payment systems, e-commerce, and finance.
US Banking Regulators to Focus on Stablecoins, Crypto Custody in 2022
The Federal Reserve, FDIC, and OCC have released a 2022 agenda stuffed with cryptocurrency priorities.
Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments
- Token conversion
- Exchange rate conversion
- Calculation for foreign exchange purchasing
- Please enter the number
- Current Currency
- purchasing price
- Amount Required