• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Coinbase Proposes a New Agency To Regulate The Cryptocurrency Industry

October 15, 2021
in Crypto News
Reading Time: 3 mins read
A A
0
Coinbase Proposes a New Agency To Regulate The Cryptocurrency Industry
0
SHARES
30
VIEWS
ShareShareShareShareShare

Coinbase, the leading exchange in America, wants to take the relationship with the U.S. government to the next level, issuing a fairly comprehensive proposal on how it believes the cryptocurrency markets and industry should be regulated in the country.

In a presentation titled “Digital Asset Policy Proposal,” the company explains that the ecosystem has grown so much that today it is imperative to improve the regulatory framework, adapting it to the needs of modern society.

For Coinbase, the crypto ecosystem has diverged so much from the world of modern finance that it is not possible to apply legal analogies. It is necessary to create a new regulatory body focused exclusively on controlling the crypto ecosystem.

Forcing the full spectrum of digital assets into supervisory categories codified before the use of computers risks stifling the development of this transformational technology, thus pushing offshore the innovative center of gravity that currently sits in the United States.
It is time for a clear and comprehensive approach to regulating digital assets and for regulation that is fit for purpose … This requires establishing new laws and oversight structures for digital asset trading and disclosure.

What is Coinbase Proposing?

For Coinbase, the American cryptocurrency industry does not need a law but a new, more complex legal system.
Coinbase’s proposal consists of 4 “Regulatory Pillars.”

  • Regulate Digital Assets Under a Separate Framework.

Instead of adapting traditional laws to an industry as young as cryptocurrencies and decentralized products, the US Government should work on a specific legal framework for cryptocurrencies and digital assets that separates them from the rules that already exist and apply to traditional markets.

  • Designate One Regulator for Digital Asset Markets

Similar to the previous point, Coinbase explains that instead of trying to achieve a synergy between various institutions (e.g., SEC, CFTC, IRS, etc.), the government should create a dedicated self-regulatory organization (SRO) in charge of regulating the cryptocurrency industry.

  • Protect and Empower Holders of Digital Assets

Coinbase asserts that in addition to regulating crypto, the government should create mechanisms to increase the security and confidence of users of decentralized products. The proposals name protection against market manipulation, promote greater efficiency of markets and increase their transparency.

  • Promote Interoperability and Fair Competition

For Coinbase, the Marketplaces of Digital Assets or MDAs should be interoperable with other protocols and platforms to promote a sustainable grwoth of the crypto ecosystem as a whole.

Coinbase Has Merits to Talk About Crypto With US Regulators

Coinbase has a long history with the US Government. It is one of the oldest regulated exchanges in the United States, founded in 2012 on the heels of Kraken’s success.

However, Coinbase has the honor of being the first North American exchange to go public, a feat that has yet to be replicated by any other company.

Moreover, Coinbase has been a strong proponent that exchanges should have a cordial relationship with regulators and maintains juicy contracts with law enforcement agencies, offering them tools for tracking crypto transactions and other confidential purposes.

But as much merit as it has, it is hard to think that the Biden administration could take Coinbase’s proposal seriously. The bureaucratic process of creating a new agency is too lengthy and expensive, and such a decision would likely give rise to political chess throughout the process, with agencies trying to protect their powers – and their budget allocations.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Virgin Galactic Falls After Delaying First Commercial Flight

Next Post

AN OVERVIEW ON COMPLIANCE IN OPERATIONS AND MANAGEMENT

Related Posts

Nomura Bank’s Laser Digital receives approval for operations in Abu Dhabi
Crypto News

Nomura Bank’s Laser Digital receives approval for operations in Abu Dhabi

September 27, 2023
3
This is How Much Ripple (XRP) is Held By OKX
Crypto News

This is How Much Ripple (XRP) is Held By OKX

September 27, 2023
5
Binance Announces $1 Billion Fund to Propel Binance Smart Chain Ecosystem
Crypto News

Binance Returns to Belgium After Summer Hiatus

September 27, 2023
5
Decrypt Introduces the 1000x Loyalty Program and Destination for Financial Entertainment
Crypto News

Decrypt Introduces the 1000x Loyalty Program and Destination for Financial Entertainment

September 27, 2023
5
TRON CEO Justin Sun Rises to the Challenge with SAFU Fund
Crypto News

TRON CEO Justin Sun Rises to the Challenge with SAFU Fund

September 27, 2023
5
Next Post
AN OVERVIEW ON COMPLIANCE IN OPERATIONS AND MANAGEMENT

AN OVERVIEW ON COMPLIANCE IN OPERATIONS AND MANAGEMENT

Recommended

Crypto price prediction: tomiNet, VeChain, XDC Network

Crypto price prediction: tomiNet, VeChain, XDC Network

September 16, 2023
8
Set to Rally with 576%

Implications for XRP, BTC, and ETH Traders

September 2, 2023
4
3 Important Shiba Inu and Shibarium Updates and What’s Next? Lead Developer Clarifies

3 Important Shiba Inu and Shibarium Updates and What’s Next? Lead Developer Clarifies

September 4, 2023
4
Bitcoin Slipped to 11-Week Low, TONCOIN Defies the Odds With Massive Surge (Weekend Watch)

Bitcoin Slipped to 11-Week Low, TONCOIN Defies the Odds With Massive Surge (Weekend Watch)

September 2, 2023
5
WOJAK Heading for a New Low, is it Game Over For WOJAK?

WOJAK Heading for a New Low, is it Game Over For WOJAK?

September 13, 2023
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Nomura Bank’s Laser Digital receives approval for operations in Abu Dhabi
  • This is How Much Ripple (XRP) is Held By OKX
  • SEC postpones delays on ARK 21Shares proposed spot Bitcoin ETF until January 2024

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?