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Coinbase CEO: Crypto will be regulated by multiple authorities

 


The crypto space in the United States is currently still largely unregulated.


Brian Armstrong, the CEO of leading cryptocurrency exchange Coinbase, believes it will take multiple regulators to regulate the cryptocurrency space. He mentioned this in a recent podcast interview.


He explained that cryptocurrencies are unlikely to be regulated solely by the US Securities and Exchange Commission (SEC). 


"Here's what I realized. Cryptocurrencies will be many different things. It won't be just one regulator taking care of it. Think of cryptocurrencies like bitcoin. This is clearly a commodity. Or Ethereum. Many of them are commodities that probably should be regulated by the commodities [regulator] or the CFTC.”


He added that if people want to raise money for their company in the form of security tokens, it should be regulated by the SEC as a security. However, Armstrong noted that the SEC needs to clarify what it considers to be securities in the cryptocurrency space.


In addition to regular cryptocurrencies, there are stablecoins that are tied to fiat currencies. Armstrong believes another agency should be in charge of regulating stablecoins:


“Separately, there are also some cryptocurrencies that will be currencies like stablecoins. Perhaps the Treasury should regulate these. Eventually there will be cryptocurrencies that are none of the above. They're works of art or something that probably shouldn't even be regulated.”


The Coinbase CEO argued that regulators need to find the right balance between protecting investors and encouraging innovation within the crypto ecosystem. He said:


“We want to balance protecting people, but we also want the government not to be in a position where they pick winners and losers. Just because something is legal doesn't make it a good investment.”


Armstrong reiterated Coinbase's desire to work with regulators to eliminate cryptocurrency scams. However, he does not want the government to make it difficult for normal investors to enter the market. 


"I want to work with everyone in government to make sure that doesn't happen. The danger is that at some point we will say that only wealthy people can invest because there is somehow a test for qualified investors. This is inherently exclusionary. I don't like the accredited investor laws.”


Coinbase is a public company in the United States and one of the largest cryptocurrency exchanges by market cap.

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