Coinbase pitches plan for crypto regulation

Crypto exchange Coinbase chief policy officer Faryar Shirzad has called for crypto to be regulated under an independent federal agency dedicated entirely to crypto.

Shirzad explained it would require the creation of a separate legal framework pertaining directly to mainstream cryptocurrencies, altcoins, stablecoins, DeFi and NFTs.

The proposal has been coordinated with Coinbase CEO Brian Armstrong who has been a vociferous critic of the current situation regarding crypto regulation.

Armstrong has repeatedly called out the Securities and Exchange Commission (SEC) for refusing to collaborate with Coinbase, while offering no actionable framework as to what constitutes legality in the crypto space.

Armstrong took to Twitter again on Thursday and criticized an opinion by SEC expressed in a Wall Street Journal article.

Armstrong wrote: “I’ve expressed some frustration with recent actions by regulators. My concern is that entrepreneurs and businesses have little visibility into what regulators expect of us. The positions regulators take often aren’t applied in ways that seem consistent or equitable.”

Shirzad appears calmer, arguing that a new framework on how to regulate digital assets will safeguard innovation and give companies such as Coinbase peace of mind taking, the industry forward through the private sector.

However, the suggestion goes against the grain SEC chair Gary Gensler’s opinion that a separate watchdog is not necessary.

He argued, instead, that there are enough federal regulators who can work together to create a safer industry, but this has not been happening.

However, Coinbase wants to see a two-tier regulatory structure where existing and new regulators oversee the industry as the ultimate way to protect consumer interests.

Gensler though is opposed to the idea of having new digital tokens exempt from regulation during a “safe period” which is also another popular proposal, endorsed by Coinbase.

As regulatory struggles continue in the US, you can still enjoy cryptocurrency unperturbed. There are numerous crypto casinos to visit and try yourself, including Bitcasino, 1xBit and FortuneJack.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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