One of the most popular crypto exchanges in the world, Coinbase, says that the 53 crypto regulators in the U.S. are just too much. As a result, the crypto exchange already held several meetings with a list of reputable regulators. The end goal – establishing a single federal regulatory body for the entire United States.
Brian Armstrong, the CEO of Coinbase, says that they already had several ‘productive’ meetings with different regulators. In fact, due to the number of regulators, the meetings are quite frequent.
In addition to the crypto regulators, the CEO also states that there is a long list of different state regulators as well. Some of these include authorities that issue both lending and money transaction licenses.
What baffles the CEO of Coinbase the most, are the numbers. Especially the statistic that Coinbase has clients in over 100 countries, yet U.S. has 53 regulators alone.
Just one month prior in October, Coinbase came up with a proposal containing a list of new regulations. And one of those regulations include the Digital Asset Policy Proposal that strongly recommends establishing a single federal crypto regulator in the U.S.
Alesia Haas, CFO at Coinbase, confirms that the company focus is currently towards finding a permanent solution for the 53 regulators. Ms Haas also contemplates on the unique nature of the blockchain technology.
More specifically, she states that the new technology is quite different from the traditional financial methods. And that due to this factor, it can easily make the traditional banking services obsolete.
It remains to see whether Coinbase can manage to pressure the remainder of the regulators into creating one authority. And will some of the other crypto exchanges publicly support the most popular crypto platform in the United States.
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