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Coinbase CEO Urges for a Single Crypto Regulator in the US

cryptoknowmics.com 15 November 2021 11:30, UTC

Coinbase is currently in talks with the government in an attempt to persuade them to appoint a single regulator to govern the crypto business in the US. According to CEO Brian Armstrong, Coinbase has "53 regulators in just one nation, the US," at the moment.

Coinbase Wants a Single Crypto Regulator in the US

Coinbase, a Nasdaq-listed cryptocurrency exchange, wants the United States to have only one cryptocurrency regulator. "On a regular basis, we meet with a number of regulators out there...I had a meeting last week with the chairman of the SEC, Chair [Gary] Gensler, which I believe was good. Was quite successful," Coinbase CEO Brian Armstrong said during the company's third-quarter earnings call last week.

Various regulators in the United States are involved, including the CFTC (Commodity Futures Trading Commission), the SEC (Securities and Exchange Commission), and the Treasury. "Of course, we have state regulators on money transfer and lending licenses as well," he continued.

Cryptocurrency Regulatory Proposal

The CEO then alluded to Coinbase's cryptocurrency regulatory proposal, which was issued in October. The Digital Asset Policy Proposal (DAPP) in the United States envisions a single federal regulator.

"It's probable that it's under the supervision of one of the present regulators. It doesn't have to be a whole new organization, but it would be fantastic to compress it a little and use that as a tool to drive more innovation in this industry," Armstrong said, saying that having too many regulators harms entrepreneurs in the space.

Coinbase's chief financial officer, Alesia Haas, stated, "Right now, our aim is to get our regulator focused on bitcoin". According to her, "technology is just so different," and it has the potential to eliminate the need for many traditional financial services.

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