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Coinbase, a leading crypto exchange has recently published its proposal for crypto regulation following a number of meetings with stakeholders in the industry and government. The company recommends four core pillars to inform future US regulations in accordance with the Digital Asset Policy Proposal.
Coinbase Crypto Exchange Publishes Proposal for Crypto Regulation
Brian Armstrong, the CEO of Coinbase, said:
“More than 75 meetings with stakeholders in government, industry, and academia.”
He shared a tweet revealing the launch of the Digital Asset Policy Proposal (DAPP) which we hope will be charting a course for a clear regulation of cryptocurrency and web 3.0 in the United States.
Adding further, he said:
“This is not about Coinbase — we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It’s inclusive and democratic by design.”
In addition to this, the firm recently disclosed that it experience a lack of regulatory clarity when it tried to launch a lending program.
Faryar Shirzad, the Chief Policy Officer of the company, released an explanation on Thursday disclosing the goal of the proposal published by Coinbase, which is to engage in the public conversation about the future of our financial system.
As revealed, the company believes:
“The conversation should focus on the blockchain-driven and decentralized evolution of the internet and the emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.”
Faryar Shirzad on the Regulation of Digital Assets
Shirzad laid an emphasis on the core pillars, and said firstly:
“We recommend four core pillars to inform future U.S. regulation. We need a new and digitally-native framework for how we regulate digital assets – one that doesn’t encumber innovation, inclusion, and financial empowerment for all sectors of society.”
Secondly, he said:
“End-to-end crypto services must sit within a single regulator. Its authority would include a new registration process established for marketplaces for digital assets (MDAs).”