Coinbase wants Congress to create special regulator to oversee the crypto market

[ad_1]

Coinbase has suggested to Congress that it create a special regulator just for cryptocurrency markets, according to a new proposal.

Coinbase – the cryptocurrency exchange that went public in August – said a single federal regulator should be in charge of oversight. This would mean that the jurisdiction would rest with outside entities like the SEC or the CFTC. In addition, the company wants Congress to create a self-regulatory body to “strengthen the oversight regime.”

The two would create rules dealing with a range of crypto topics such as digital asset trading, transfer, custody, clearing, settlement, money payment, staking, borrowing, and lending. , and related ancillary services, the company said in its policy proposal.

“This two-tier regulatory structure will ensure efficient and streamlined regulation and oversight, and evolve elements of existing frameworks to meet the demands of our new technology-driven financial system,” Coinbase said.

The policy proposal comes as the government struggles to find a regulatory framework for cryptocurrencies. And some big investors have stayed away from the asset class while waiting for more clarity from the government.

“Regulatory certainty in the United States is urgently needed to maintain our leadership in responsible financial innovation,” said Michael Piwowar, executive director of the Milken Institute Center for Financial Markets and former commissioner and interim chairman of Securities and Exchange Commission of the United States, in an e-mail.

[ad_2]