CEO Says ‘We Have 53 Regulators in Simply One Nation, the US’ – Regulation Bitcoin Information
The crypto exchange Coinbase has met with a number of regulators to convince them that the US should only have one state regulator for the crypto sector. There are currently a multitude of different regulators in the US, stated CEO Brian Armstrong, noting that Coinbase has “53 regulators in just one country, the United States.”
Coinbase wants a regulator in the US
The Nasdaq-listed cryptocurrency exchange Coinbase is pushing for the US to have only one crypto regulator.
“We met with a number of different regulators… regularly… I had a meeting with the SEC chairman, chairman, last week [Gary] Gensler, which I think has been very productive, ”said Brian Armstrong, Coinbase CEO, during the company’s third quarter conference call last week.
“There are a lot of different regulators in the United States … There’s the CFTC [Commodity Futures Trading Commission], this [Securities and Exchange Commission], the treasury. And then of course we also have government regulators for money transfer licenses and loan licenses, ”he added.
Given that Coinbase serves customers in more than 100 countries, Armstrong said:
It’s amazing that we, Coinbase, have 53 regulatory agencies in just one country, the United States.
The CEO then referred to the proposal published in October on the regulation of cryptocurrencies that Coinbase published. The Digital Asset Policy Proposal (DAPP) recommends a single federal regulator in the US
“It could be under one of the existing regulators. It doesn’t have to be a completely new company, but it would be nice to consolidate it a bit and use that to enable more innovation in this area, ”continued Armstrong, emphasizing that a lot of regulators are really hurting startups in the US the space.
“Our goal right now is to focus our regulator on crypto,” said Alesia Haas, Coinbase’s Chief Financial Officer (CFO).
She stated that “the technology is just so different” and noted that it can make some traditional financial services obsolete. The CFO said:
We think it will help to have a single regulator who really understands the technology deeply and then helps implement the new principles for financial regulation in cryptocurrencies.
Do you agree with Coinbase that the US should only have one crypto regulator? Let us know in the comment section below.
Tags in this story
Coinbase, Coinbase Crypto Proposal, Coinbase Licenses, Coinbase Regulatoren, Cryptocurrency Regulation, Regulators, SEC, sec Chair Gary Gensler, US Crypto Regulation, US Regulation, US Regulators
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.