Coinbase CEO Circulates New Crypto Regulation Blueprint
Chief executive officer at Coinbase, Brian Armstrong, has put out a proposal for crypto regulation. Armstrong believes this blueprint will strengthen the United States’ status as a global financial leader. Coinbase has launched the Digital Asset Policy proposal to prepare for a blockchain-driven, decentralized internet. This proposal plans to recognize digital currencies as an asset class and will also plan for their emergence.
Armstrong’s statement goes beyond the US maintaining its leadership position in global finance. According to the CEO of the exchange, the technological changes will have far-reaching benefits. His words were:
Web3 is here and offers America a huge opportunity to not only keep its financial hub status, but also to promote innovation, create jobs and grow the economy.
Faryar Shirzad is the chief policy officer at Coinbase. He says that the proposal includes four pillars:
- A separate framework is needed for regulation of digital assets
- A single, unifying regulator for digital asset markets
- Digital assets holders can be protected and empowered
- Encourage interoperability, healthy competition
Armstrong also indicated that the proposal considers the views of a broad social spectrum. This includes government officials, individuals from academia, and people working in the crypto space. Coinbase claims that many of these views were derived from extensive meetings with representatives from different industries. Armstrong stated that “…we had more than 75 meetings in which we met with stakeholders from industry, government, and academia in order to shape this proposal.