Coinbase proposes to create a regulator for the US cryptocurrency market

The CEO of the crypto exchange, Brian Armstrong, said that the existing system of regulation of financial marketsnot suitable for the digital asset industry and could harm its development.

The world's first public cryptocurrency exchange Coinbaseproposed to the US authorities to create a regulator at the federal level, which will have powers in the field of digital assets. Representatives of the trading platform published on Twitter excerpts from an interview with Coinbase CEO Brian Armstrong in The Wall Street Journal, in which he expressed his views on the regulation of the crypto industry in the United States.

Pillar 1: Regulate Digital Assets Under a New Framework

Our existing financial regulatory systemdoesn't work for the decentralized crypto networks has created. A new framework for digital assets will ensure that innovation will not be dampened by a transition from old ways.

— Coinbase (@coinbase) October 14, 2021

Armstrong stated that the current systemregulation of financial markets is not suitable for the digital asset industry and could harm its development. The head of Coinbase also proposed creating a self-regulatory organization that will work in conjunction with the regulator to create rules for the market.

According to Armstrong, the new regulationCryptocurrency markets must protect and empower digital asset holders, increase industry transparency, and prevent fraud and market manipulation.

Coinbase has offered the US government its ownvision of regulating the digital asset market after the Securities and Exchange Commission (SEC) threatened the trading platform with a court due to the launch of the Lend cryptocurrency lending service. After a warning from the regulator, Coinbase refused to launch the service.

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