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Coinbase is promoting the establishment of a single crypto regulator

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Aliens

Mon, Nov 15, 2021

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Coinbase is pushing for the United States to have only one cryptocurrency regulator. Coinbase CEO Brian Armstrong said on the Q3 earnings call last week: "We’ve met with a number of different regulators out there on a regular basis. I had a meeting last week with the chairman of the SEC, Chair Gary Gensler, which I think was very productive.”

Armstrong pointed out that there are several bodies governing cryptocurrencies in the U.S alone.

“There’s a variety of different regulators in the United States. There’s the CFTC (Commodity Futures Trading Commission), the SEC, the Treasury. And then, of course, we have state regulators as well on money transmission licenses and lending licenses,” he added.

Armstrong then mentioned the Digital Asset Policy Proposal (DAPP), which was released by Coinbase in October. It suggested the establishment of a single federal regulatory agency in the United States. He explained: “ It could be underneath one of the existing regulators. It doesn’t have to be a completely new entity, but it’d be nice to consolidate it a bit and use that as a way to enable more innovation in this space.” Armstrong also emphasized that too many regulators can harm start-ups in this field.

Source: Bitcoin.com

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