CEO Says ‘We Have 53 Regulators in Just One Country, the US’ – Regulation Bitcoin News
Crypto change Coinbase has been assembly with quite a lot of regulators to persuade them that the U.S. ought to have only one federal regulator overseeing the crypto sector. Currently, there’s a wide range of completely different regulators within the U.S., CEO Brian Armstrong defined, noting that Coinbase has “53 regulators in just one country, the United States.”
Coinbase Wants One Regulator within the US
The Nasdaq-listed cryptocurrency change Coinbase is pushing for the U.S. to have only 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 mentioned throughout the firm’s Q3 earnings name final 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 prospects in additional than 100 international locations, Armstrong opined:
It’s form of superb that we, Coinbase, have 53 regulators in only one nation, the United States.
The CEO proceeded to reference the crypto regulatory proposal Coinbase printed in October. The Digital Asset Policy Proposal (DAPP) recommends having one single federal regulator within 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 actually harms startups within the house.
“Our goal right now is to get our regulator focused on crypto,” mentioned Coinbase’s chief monetary officer (CFO), Alesia Haas.
She defined that “the technology is just so different,” noting that it might eradicate the necessity for some conventional monetary providers. The CFO opined:
We assume that having a single regulator, who actually deeply understands the know-how after which helps deliver what the brand new rules for monetary regulation in crypto seem like, can be useful.
Do you agree with Coinbase that the U.S. ought to simply have one crypto regulator? Let us know within the feedback part beneath.
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