The major crypto exchange released a document focused on the demand of crypto regulations in the United States to receive a much-needed overhaul.
Just recently, cryptocurrency exchange, Coinbase, released a document by the title of “Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership,” which mainly focuses on Coinbase basically demanding a complete overhaul of the current financial regulations that are being applied in the United States of America.
Brain Armstrong’s Article on Wall Street Journal
In addition to the formal document released, the CEO of Coinbase, Brian Armstrong, also published an article on the Wall Street Journal, highlighting the points mentioned in the formal document in a much briefer manner.
Brain Armstrong mentioned about four key points that would describe what needs to be changed. In the first point, Brain insisted that the government of the United States should work on a completely new regulatory framework that focuses on digital assets and that the existing regulatory framework being used doesn’t have much support for the concept of cryptocurrencies.
In the second point, Armstrong mentioned that only one regulator should be in charge of the creation and outlook of the new framework, specifically mentioning that the existing “array of regulators” are working on the matter are irrelevant.
In the third point, Armstrong demanded that the newly devised framework should have support for investor protection in the crypto space.
And lastly, in the fourth point, Brain stated that the framework should help to keep competition and interoperability between crypto projects to be on the same level on both sides.
Improvement of the System
Armstrong said that the arguments mentioned should act as a catalyst to develop talks about cryptocurrencies. The arguments are not supposed to benefit the development of specific crypto-based projects and are rather focused on the development of the complete financial ecosystem in the county, having the support of the rising technical solutions in the system. It is still vague whether the arguments mentioned by Brain will have much significance. However, according to the Chief Policy Officer at Coinbase, the company has been meeting up with a number of lawmakers, and they have appreciated the effort put into the matter.
Coinbase has been quite vocal about the current regulations that are having negative effects on the crypto industry, also referring to the crypto tax bill and regulations that are contributing towards the rise in transaction values. Despite the U.S. SEC’s reassuring about working on the situation, it is still very unclear whether they are interested or not.