Coinbase offers a new crypto regulator in the United States

Coinbase yesterday released a new guidance document in which it proposed the establishment of a new, separate crypto regulator to review the regulation and supervision of digital assets and associated businesses in what is seen as a small push to thumbs up to the SEC.

The release of the guidance documents comes a day after the publication of a similar document by Andreessen Horowitz in which they advocated close cooperation between different regulators to develop laws and regulations to regulate different businesses. digital assets and also have strong oversight over them. This is a little different from what Coinbase advocated because it had pushed for a separate and independent regulator for the internet and digital assets that will not fall under the jurisdiction of the SEC as it believes digital assets should be treated as a different instrument from stocks. This line of thinking is similar to what the rest of the crypto industry thinks, as they would like to be treated and classified in a different way than stocks, commodities, and other real world instruments.

“We started where a lot of people start, which is taking the existing multiplicity of regulators and trying to figure out what minimal surgery you could do to make things work,” the policy director said. of Coinbase, Faryar Shirzad. “And then there was a point where, maybe three or four weeks ago, we just kinda looked at each other [and] we said that it takes more effort to try to adapt the current system which is based on an old market structure – more intellectual effort, I would say – than to start from scratch.

The company also warned that the United States could be left behind in this digital revolution if it does not adapt quickly to the changes and certainly tackle the legal aspects of digital asset monitoring. He also said that the United States has always been at the forefront of adopting new technologies and a world leader in developing regulations and if it is to continue to do so, then it must continue with these reforms. . The company felt that changing existing laws to accommodate the digital asset space would be too cumbersome and delay the process. She therefore felt that the creation of a whole new body would help make the process easier and faster.

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