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Coinbase calls for a new crypto authority in the USA



In many countries, the authorities are working on regulating the cryptocurrency sector. This is also the case in the USA. Coinbase is now calling for a new crypto agency in the United States.

Coinbase is now making this proposal public in a 30-page report. Coinbase would also like to work to ensure that the crypto market becomes more regulated and has its own ideas of a regulated cryptocurrency market.

“Forcing the full range of digital assets into regulatory categories codified prior to the use of computers risks stifling the development of this transformative technology and shifting the innovative focus that is currently in the United States abroad “, It says in the report. This requires the creation of new laws and supervisory structures for trading in digital assets and their disclosure.

Coinbase tries to argue with the pioneering position of the USA in the tech sector. Regulations in the cryptocurrency sector have recently become a major issue in many countries. However, there are not yet authorities in every country that deal exclusively with the regulation of digital assets.

Coinbase calls for four regulatory pillars

In its proposal, the crypto exchange named a total of four regulatory pillars that one would wish for a regulated future in the cryptocurrency industry.

1. "Regulate digital assets in a separate framework"

Coinbase explains that such a young industry as the cryptocurrency sector cannot be adapted to traditional laws. The exchange is asking the US government to work on a specific legal basis for cryptocurrencies. In general, the cryptocurrency sector is to be separated from the already existing markets.

2. "Designate a regulator for the digital asset markets"

The second point takes a similar approach to the first pillar. Instead of working on a synergy between different institutions, one should take care of establishing one's own organization that is responsible for regulating the cryptocurrency industry.

3. "Protect and empower digital asset owners"

The third pillar addresses a point that many authorities have been keeping an eye on for years: protecting investors. Coinbase claims that in addition to regulating crypto, the government should create mechanisms to increase the security and trust of users of decentralized products.

4. "Promotion of interoperability and fair competition"

Coinbase believes that MDAs must be interoperable with products and services across the industry in order to realize the full potential of digital assets.

Overall, Coinbase is about major reform in the cryptocurrency industry. Still, it is considered unlikely that such a major reform would even come into question for the US government. After more than ten years, the crypto market is still not fully regulated. This leads to difficulties, especially in states in which laws on cryptocurrencies are still completely absent today.

Could there be a legal battle between Coinbase and the SEC?

Coinbase is one of the oldest crypto exchanges in the US and, as the market leader in the country, has been interested in creating a regulated crypto space for years. That is why Coinbase is regularly looking to talk to the US stock exchange regulator. This is to prevent Coinbase products from being mistakenly viewed as securities. Because in such a case this falls within the remit of the SEC.

Coinbase itself had stated in recent weeks that, despite a proactive communication strategy, an indictment by the US stock exchange regulator due to the Coinbase product "Lend" is to be feared. This is a lending project that, in the eyes of the US Securities and Exchange Commission, is security. However, according to Coinbase, the SEC has not yet substantiated its opinion.

With the demands for a new, innovative regulatory authority for cryptocurrencies, Coinbase is therefore also indirectly declaring that the previously responsible authorities have no suitable solutions for technical innovations in the financial sector.

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