Coinbase is a cryptocurrency exchange that has been meeting with regulators from around the world to argue for one U.S. federal regulator. Currently, there is a variety of different regulators in the U.S., CEO Brian Armstrong explained, noting that Coinbase has “53 regulators in just one country, the United States.”
Coinbase Needs One US Regulator
Coinbase, which is listed on Nasdaq as a cryptocurrency exchange, wants the U.S. only to have one crypto regulator.
“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,” Coinbase CEO Brian Armstrong said during the company’s Q3 earnings call last week.
“There’s a variety of different regulators in the United States … There’s the CFTC [Commodity Futures Trading Commission]SEC [Securities and Exchange Commission]The Treasury. And then, of course, we have state regulators as well on money transmission licenses and lending licenses,” he added.
Armstrong pointed out that Coinbase services customers in over 100 countries.
It’s kind of amazing that we, Coinbase, have 53 regulators in just one country, the United States.
He then referred to Coinbase’s October crypto regulatory proposal. Digital Asset Policy Proposal, (DAPP), recommends that the U.S. have one federal regulator.
“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 continued, emphasizing that having many regulators really harms startups in the space.
“Our goal right now is to get our regulator focused on crypto,” said Coinbase’s chief financial officer (CFO), Alesia Haas.
She explained that “the technology is just so different,” noting that it can eliminate the need for some traditional financial services. CFO:
Our view is that a single regulator will help to make crypto financial regulations more efficient.
Coinbase: Do you think the U.S. needs only one cryptocurrency regulator? Comment below.
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