Saturday , May 21 2022

Coinbase proposes to create a regulator for the US crypto market


Brian Armstrong, CEO of the crypto exchange, said that the current regulatory system of financial markets is not suitable for the digital asset industry and could harm its development.

Coinbase, the world’s first public cryptocurrency exchange, has proposed to US officials to create a federal regulator that would have jurisdiction over digital assets. Trading platform representatives released excitement Excerpts from an interview in The Wall Street Journal with Brian Armstrong, CEO of Coinbase, in which he voiced his views on the regulation of the crypto industry in the US.

Armstrong said that the current financial market regulation system is not suitable for the digital asset industry and could harm its development. The Coinbase president also suggested creating a self-regulatory body that would work with the regulator to establish rules for the market.

According to Armstrong, the new rules to regulate the crypto market should provide protection and empowerment for digital asset holders, increase the transparency of the industry, and prevent fraud and market manipulation.

coin base suggested US authorities have their own vision for regulating the digital asset market after the Securities and Exchange Commission (SEC) threatened the trading platform with a court due to the launch of the Lend cryptocurrency lending service. After a warning from the regulator, Coinbase refused to launch the service.

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