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Leading crypto trading company Coinbase released Digital Asset Policy Proposal on October 14, suggesting set clear regulations for crypto and Web 3.0 in the USA.
The exchange issued an explainer on GitHub describing its vision. Coinbase finds the right way to regulate the industry is through a distinct framework. It offers to define digital assets as financial assets that use DLT and blockchain.
Thus, the US legislators should recognize that all digital assets, among them digital representations of traditional financial assets, are supervised by the new rules.
Recently, SEC chair Gary Gensler talked about the necessity of crypto flatforms to get listed with the agency. In early September Coinbase received a Notice over its Lend product.
In a proposal, Coinbase mentioned the creation of a new regulatory body will have a positive impact on the crypto market. It's supposed to enhance transparency, prevent fraud cases, and boost efficiency.
Earlier, Silicon Valley venture capital firm major crypto investor Andreessen Horowitz presented its vision on how Web 3 should be regulated. In an interview with CNBC, the company’s global head of policy, Tomicah Tillemann said that Web 3 is a solution people were waiting for and it’s crucial for policymakers to adopt the right approach. To discuss the sphere, the firm plans to meet with Washington lawmakers.