Coinbase Says The United States Needs To Create A New Cryptocurrency Regulator

Texas News Today

Coinbase said the United States should create a new regulatory agency to oversee the digital asset market as part of a new policy proposal announced on Thursday. The country warned that if not regulated properly, it could fall further.

The proposal comes a day after one of the investors, venture capital firm Andreessen Horowitz, announced its own vision to regulate next-generation Internet services, including blockchain and digital assets. As is known, a16z executives plan to meet with government wide leaders this week.

Coinbase’s vision overlaps with Andreessen Horowitz’s vision, but it has some subtle differences and is more focused on digital assets. While a16z advocates cooperation between regulators, Coinbase stated in a policy report that there should be only one regulator in the digital asset market.

Coinbase’s chief policy officer, Faryar Shirzad, told CNBC that his team deliberately wanted to make bold plans and stir up controversy.

“We started from where many people started. It’s trying to take advantage of diverse existing regulators to find the minimum surgery you can do to make it work,” Shirzad said. said. “And maybe three or four weeks ago, when we looked at each other for a moment, he said more effort would be needed to adapt the current system to the old market structure. Start with zero details. Intellectuals Effort than I say”

He acknowledged that setting up a new agency was certainly not the path of “minimal resistance”, but said he wanted to start a wider debate.

“Our proposal is just the beginning of a conversation, so the last thing we think is not to compromise on the core of the principles we think policymakers should be thinking about. I think so,” he said. Said on a previous phone call with a reporter.

Silzad had said in a previous phone call that the company has already met with around 30 parliamentary offices and several agencies to discuss aspects of the proposal. He said the response from Capitol Hill so far has been “welcome.”

Overall, Coinbase said in its policy report that it seeks “a clear and comprehensive approach to regulating digital assets and achieving objective regulation.” Regulations need to be aware of how technology can benefit the public, and the United States is already “lagging” other governments in creating comprehensive digital asset regulations. I had spoken

Coinbase noted the “integrated approach” to digital assets adopted by the United Kingdom, the European Union and Sinapour, adding that “we have not taken similar steps” and that “the United States is not a major regulation, but a There is regulation. There is a risk of becoming a “receiver,” he said. A long-held position in the United States – pre-modern financial services. “

The company has divided the offer into four main pillars.

  • Create a new framework for regulating digital assets separate from the traditional financial system.
  • This gives a new single federal authority responsible for regulating the digital market, in addition to the non-governmental self-regulatory organizations that exist in the traditional market.
  • Disclosure is required to protect digital asset holders from fraud and market manipulation, and to promote transparency.
  • Promotes fair competition and interactivity between products.

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