Coinbase Proposes Single Regulator To Oversee The Crypto Markets

Coinbase proposes single regulator to oversee the crypto markets which is a dramatically different regime for crypto that will unlikely become a reality anytime soon so let’s read more about it in the latest coinbase news.

Coinbase proposes a different solution to the crypto market regulation and it amounts to wishful thinking given the state of Washington DC right now. Coinbase issued the proposal on Thursday for a new crypto regime that sees the US replace the handful of agencies that oversee the industry with a new single federal regulator. The call of a single regulator was one of the main reasons that the exchange company says should inform the government’s approach to crypto oversight that was set out in the document dubbed “digital Asset Policy Proposal.” The document noted:

“[The new regulator’s] authority would include a new registration process established for marketplaces for digital assets (MDAs) and appropriate disclosures to inform purchasers of digital assets.”

The document calls for a new regulatory regime to include a self-regulating body like the ones found in other industries but the proposal came at a time of unprecedented scrutiny of the industry in Washington and the growing irritation from companies at the slow pace and complexity that characterizes the entire crypto regulatory process that saw plenty of agencies like the SEC and CFTC squabble over jurisdiction. In a briefing with reports, the chief policy officer Faryar Shirzad at coinbase described the existing regulatory regime as a legacy one based on an era of paper and said the new digital native regulator was necessary to help the US companies and consumers get the benefits of the blockchain technology in the right way.

He added that BTC and ETH should be exempt from regulatory activity given how big of a decentralization level they have. Shirzad also suggested that the projects that issue tokens on decentralized exchanges could be outside of the regulators’ scope but that these tokens would be subject to oversight if they became available on marketplaces for crypto assets.
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While Coinbase’s call for a new regulatory regime is likely to find many supporters, the proposal is unlikely to gain traction in Washington as well. The creation of a new agency like Coinabse proposes would require an act of Congress and the support of the White House.

In the meantime, it is unlikely that these existing agencies including the SEC will be willing to surrender their oversight power. Coinbase’s proposal is consistent with the worldview of the company’s CEO Brian Armstrong that was long frustrated with the way Washington does it.