Coinbase Reveals 4 Key Recommendations for Crypto Regulation – Regulation Bitcoin News

The cryptocurrency exchange Coinbase has unveiled its proposal for crypto regulation “after more than 75 meetings with stakeholders in government, industry and academia,” CEO Brian Armstrong said. In the Digital Assets Policy proposal, the company has recommended “four key pillars for informing future U.S. policy.”

Coinbase’s proposal for crypto regulation

Nasdaq-listed cryptocurrency exchange Coinbase on Thursday unveiled its Digital Asset Policy Proposal (DAPP).

Coinbase CEO Brian Armstrong tweeted: “Today we are launching our Digital Asset Policy Proposal (DAPP) which we hope will help create a course for explicit control of cryptocurrency and Web 3.0 in the United States. One financial leader remains.” Also shared:

It’s not about Coinbase – we’ve held more than 75 meetings with government, industry, and academic stakeholders to help shape this proposal, and we think it represents a sensible approach. It is incorporated by design and is democratic.

Coinbase recently experienced a lack of regulatory transparency when it tried to launch an nding program. The company has met with the US Securities and Exchange Commission (SEC) to discuss the product. However, the SEC said it was a security threat and threatened to sue the company if it continued the program. Coinbase later abandoned plans to launch a land product and unveiled plans to create a proposal for crypto regulation.

Farrier Shirzad, the company’s chief policy officer, explained on Thursday that Coinbase’s proposal was aimed at “participating in public conversations about the future of our financial system.” The company believes the conversation is a “blockchain-driven and decentralized evolution of the Internet” and “the emergence of a distinct resource class that digitally empowers domestic and unique economic use.”

Shirzad Continue:

We recommend four key pillars for future U.S. policy.

First, “we need a new and digitally-indigenous framework for how we manage digital resources যা one that does not include innovation, inclusion and financial empowerment for all sectors of society,” he said.

Second, Coinbase’s chief policy officer details:

End-to-end crypto services must sit within a single controller. Its authority will include a new registration process established for the Digital Assets (MDA) marketplace.

In addition, Coinbase advocates building consumer confidence by “providing strong customer protection”. “This can be achieved through an improved transparency process with useful disclosures to inform buyers of digital assets,” Shirzad noted.

The fourth point is “promoting inter-operability and fair competition”. Coinbase believes that “in order to realize the full potential of digital resources, MDAs must be interdependent with products and services across the crypto economy.” Shirzad added that “it can empower and protect a prosperous consumer and developing ecosystem.”

Coinbase says anyone who wants to comment on its crypto regulatory proposal can do so on Github.

What do you think of Coinbase’s offer of crypto regulators? Let us know in the comments section below.

Tags in this story

Brian Armstrong, Coinbase, Coinbase Crypto Regulation, Coinbase Cryptocurrency Regulation, Coinbase Second, Crypto Exchange, Crypto Policy, Crypto Proposal, Crypto Recommendation, Policy Recommendation, Regulatory Framework, USC 3.0

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