CEO Says ‘We Have 53 Regulators in Just One Country, the US’ – Regulation Bitcoin News

Coinbase Pushes for Single Crypto Regulator: CEO Says 'We Have 53 Regulators in Just One Country, the US’

Crypto change Coinbase has been assembly with a variety 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 totally different regulators in the U.S., CEO Brian Armstrong defined, noting that Coinbase has “53 regulators in only one nation, the United States.”

Coinbase Wants One Regulator in 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 variety of totally different regulators on the market … regularly … I had a gathering final week with the chairman of the SEC, Chair [Gary] Gensler, which I believe was very productive,” Coinbase CEO Brian Armstrong mentioned throughout the firm’s Q3 earnings name final week.

“There’s a wide range of totally different regulators in the United States … There’s the CFTC [Commodity Futures Trading Commission], the SEC [Securities and Exchange Commission], the Treasury. And then, in fact, we have now state regulators as effectively on cash transmission licenses and lending licenses,” he added.

Noting that Coinbase serves clients in greater than 100 nations, Armstrong opined:

It’s sort 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 (*53*) Proposal (DAPP) recommends having one single federal regulator in the U.S.

“It could possibly be beneath certainly one of the present regulators. It doesn’t must be a very new entity, but it surely’d be good to consolidate it a bit and use that as a method to allow extra innovation in this house,” Armstrong continued, emphasizing that having many regulators actually harms startups in the house.

“Our aim proper now could be to get our regulator targeted on crypto,” mentioned Coinbase’s chief monetary officer (CFO), Alesia Haas.

She defined that “the expertise is simply so totally different,” noting that it may possibly get rid of the want for some conventional monetary companies. The CFO opined:

We assume that having a single regulator, who actually deeply understands the expertise after which helps carry what the 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 in the feedback part under.

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Coinbase, coinbase crypto proposal, coinbase licenses, coinbase regulators, Cryptocurrency regulation, Regulators, SEC, sec chair gary gensler, us crypto regulation, US Regulation, US Regulators

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