Coinbase meetings with US legislators to discuss a regulatory proposal for cryptocurrencies-regulation
Coinbase meetings with US legislators to discuss a regulatory proposal for cryptocurrencies-regulation
The Coinbase crypto exchange listed on the Nasdaq met with members of the congress to discuss the proposed cryptocurrency regulation, according to CEO Brian Armstrong. In addition, the company met with more than 30 crypto companies, four large law firm and three trade groups for their crypto proposal.
Coinbase meets congress members and crypto companies for the regulatory framework for crypto
Coinbase is on the mission to influence crypto regulation in the USA, CEO Brian Armstrong tweeted on Thursday:
We have now met with over 30 crypto companies, over 25 congress members and/or employees, 4 large law firms and 3 trading groups via our regulatory proposal for crypto. Our guideline team does a great job and we try to be part of the solution.
Armstrong announced in an interview on the Techcrunch Disrupt 2021 on September 22nd on September 22 that his company is preparing a draft of a regulatory framework that is to be presented to the legislator.
The CEO announced that he was asked several times about a proposal for a regulatory framework for cryptocurrencies, since the regulatory authorities often obtain feedback from industry when creating new rules.
He announced during the interview: "If I go to DC, I met with a number of government members, and you will normally ask us: 'Well, do you have a draft, do you have a suggestion for something that we could try out?
Armstrong found that Coinbase is currently licensed in 50 states as a transmission of money and lender. He added that Coinbase under the supervision of the Financial Crimes Enforcement Network (Fincen), the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Ministry of Finance and the Office is active in the control of foreign assets (OFAC).
The coin base boss stated that he prefers a federal framework instead of having to deal with independent national rules and agencies. He was cited with the words:
We have a proposal that we actually want to publish, which might help to develop at least an idea of how we can progress. However, this will require the input of many people.
Coinbase recently got into trouble with the SEC because of its loan product, which the Commission sees as security. The s threatened to sue the company if it continues with the lend product without registration, Coinbase asks to give to place the product on the market.
Sec chairman Gary Gensler recently stated that crypto platforms that received funds from investors and offered returns "should carefully check the securities laws and speak to the agency about registration".
What do you think of a meeting of Coinbase with US legislators to discuss a regulatory framework for cryptocurrencies? Let us know in the comment area below.
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