{"id":13288,"date":"2021-10-17T23:54:14","date_gmt":"2021-10-17T23:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/coinbase-publishes-proposal-for-crypto-regulation-pushing-4-core-recommendations\/"},"modified":"2021-10-17T23:54:14","modified_gmt":"2021-10-17T23:54:14","slug":"coinbase-publishes-proposal-for-crypto-regulation-pushing-4-core-recommendations","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/coinbase-publishes-proposal-for-crypto-regulation-pushing-4-core-recommendations\/","title":{"rendered":"Coinbase Publishes Proposal for Crypto Regulation Pushing 4 Core Recommendations"},"content":{"rendered":"

Cryptocurrency exchange Coinbase has published its proposal for crypto regulation after \u201cmore than 75 meetings with stakeholders in government, industry, and academia,\u201d CEO Brian Armstrong revealed. In its Digital Asset Policy Proposal, the company recommends \u201cfour core pillars to inform future U.S. regulation.\u201d<\/strong><\/p>\n

Coinbase\u2019s Proposal for Crypto Regulation<\/h2>\n

The Nasdaq-listed cryptocurrency exchange Coinbase published its Digital Asset Policy Proposal<\/a> (DAPP) Thursday.<\/p>\n

Coinbase CEO Brian Armstrong tweeted: \u201cToday we\u2019re launching our Digital Asset Policy Proposal (DAPP) which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the U.S. It\u2019s critical to bring clarity to this space and ensure America remains a financial leader.\u201d He further shared:<\/p>\n

This is not about Coinbase \u2014 we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It\u2019s inclusive and democratic by design.<\/p>\n

Coinbase recently experienced firsthand the lack of regulatory clarity when it tried to launch a lending program. The company met with the U.S. Securities and Exchange Commission (SEC) to discuss the product. However, the SEC said it was a security and threatened<\/a> to sue the company if it went ahead with the program. Coinbase subsequently abandoned<\/a> its plan to launch the Lend product and unveiled<\/a> its plan to create a proposal for crypto regulation.<\/p>\n

The company\u2019s chief policy officer, Faryar Shirzad, explained Thursday that the goal of Coinbase\u2019s proposal is to \u201cengage in the public conversation about the future of our financial system.\u201d The company believes that the conversation should focus on \u201cThe blockchain-driven and decentralized evolution of the internet\u201d and \u201cThe emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.\u201d<\/p>\n

Shirzad continued:<\/p>\n

We recommend four core pillars to inform future U.S. regulation.<\/p>\n

Firstly, \u201cWe need a new and digitally-native framework for how we regulate digital assets \u2013 one that doesn\u2019t encumber innovation, inclusion, and financial empowerment for all sectors of society,\u201d he stated.<\/p>\n

Secondly, Coinbase\u2019s chief policy officer detailed:<\/p>\n

End-to-end crypto services must sit within a single regulator. Its authority would include a new registration process established for marketplaces for digital assets (MDAs).<\/p>\n

In addition, Coinbase suggested instilling consumer confidence \u201cby providing robust customer protection.\u201d Shirzad noted, \u201cThis can be achieved through enhanced transparency processes, including tailored disclosures to inform purchasers of digital assets.\u201d<\/p>\n

The fourth point is to \u201cpromote interoperability and fair competition.\u201d Coinbase believes that \u201cTo realize the full potential of digital assets, MDAs must be interoperable with products & services across the cryptoeconomy.\u201d Shirzad added that \u201cThis can empower and protect a thriving consumer and developer ecosystem.\u201d<\/p>\n

Coinbase said that anyone wanting to comment on its crypto regulatory proposal can do so on Github<\/a>.<\/p>\n

What do you think about Coinbase\u2019s crypto regulatory proposal? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Brian Armstrong, Coinbase, coinbase crypto regulation, coinbase cryptocurrency regulation, coinbase sec, crypto exchange, crypto policy, crypto proposal, crypto recommendations, policy recommendations, regulatory framework, US SEC, Web 3.0<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange Coinbase has published its proposal for crypto regulation after \u201cmore than 75 meetings with stakeholders in government, industry, and academia,\u201d CEO Brian Armstrong revealed. In its Digital Asset Policy Proposal, the company recommends \u201cfour core pillars to inform future U.S. regulation.\u201d Coinbase\u2019s Proposal for Crypto Regulation The Nasdaq-listed cryptocurrency exchange Coinbase published its…<\/p>\n","protected":false},"author":0,"featured_media":13289,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13288"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13288"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13289"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}