Coinbase Wants Crypto Specific Regulatory Body
The biggest crypto exchange in America wants crypto specific regulation. Is that a good or bad thing?
Today we're launching our Digital Asset Policy Proposal (dApp) which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the US. It's critical to bring clarity to this space and ensure America remains a financial leader. https://t.co/LYEMpmS99T
— Brian Armstrong (@brian_armstrong) October 14, 2021
Coinbase announced its proposal for a crypto specific regulatory body on Thursday. Dubbed “Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership,” the proposal aims to “animate an open and constructive discussion regarding the role of digital assets in our shared economic future.”
Recommended: For more on Coinbase and regulation check out our piece on Coinbase Lend.
- In other words: Coinbase isn’t trying to dictate policy but also we definitely are. It’s the kind of shrewd, calculating rhetoric you expect from Coinbase, unlike what we saw from the brief aggressive stance they took in the Coinbase Lend snafu.
- The proposal includes four pillars. 1.) Regulate Digital Assets Under a Separate Framework 2.) Designate One Regulator for Digital Asset Markets 3.) Protect and Empower Holders of Digital Assets 4.) Promote Interoperability and Fair Competition
- CEO Brian Armstrong believes the proposal, “will help chart a course for clear regulation of cryptocurrency and web 3.0 in the US,” and added, “It’s critical to bring clarity to this space and ensure America remains a financial leader.
- The likelihood of something like this passing is quite small. It would involve the SEC and the CFTC to relinquish some power. Not to mention, the current administration (and the previous for that matter) is not crypto friendly. Without a friendly administration in place, something like this can’t pass through the senate.
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