CEO says: We have 53 regulatory authorities in just one country, the USA regulation
CEO says: We have 53 regulatory authorities in just one country, the USA regulation
The CryptoBörse Coinbase met with a number of supervisory authorities to convince them that the United States should only have one state supervisory authority for the cryptos sector. CEO Brian Armstrong said that there is currently a large number of different regulatory authorities in the United States and found that Coinbase has "53 regulatory authorities in only one country, the United States".
Coinbase wants a regulatory authority in the USA
The Coinbase cryptocurrency exchange listed on the Nasdaq urges the United States only a crypto regulatory authority.
"We met with a number of different supervisory authorities ... regularly ... I had a meeting with the chairman of the SEC, Chairman [Gary] Gensler last week, which in my opinion was very productive," said Brian Armstrong, CEO of Coinbase, during the phone conference for the third quarter of the company last week.
"There are a large number of different regulatory authorities in the United States ... The CFTC [Commodity Futures Trading Commission], the S [Securities and Exchange Commission], the treasury. And then of course we also have state supervisory authorities for money transfer licenses and credit licenses," he added.
In view of the fact that Coinbase serves customers in more than 100 countries, Armstrong said:
It is astonishing that we, Coinbase, 53 supervisory authorities in just one country, have the United States.
The CEO then referred to the crypto regulation proposal Coinbase in October. The Digital Asset Policy Proposal (DAPP) recommends a single federal supervisory authority in the USA
"" It could be one of the existing regulatory authorities. It does not have to be a completely new company, but it would be nice to consolidate it a little to enable more innovations in this area, "continued Armstrong and emphasized that many supervisory authorities in the USA really harm the room.
"Our goal is currently to concentrate our regulatory authority on crypto," said Alesia Haas, Chief Financial Officer (CFO) from Coinbase.
She explained that "the technology is simply so different" and noticed that it can make some traditional financial services unnecessary. The CFO said:
We think it will be helpful to have a single regulatory authority that really understands the technology and then helps to implement the new principles for financial regulation in cryptocurrencies.
Do you agree to Coinbase that the United States should only have a crypto regulatory authority? Let us know in the comment area below.
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