On Thursday, the cryptocurrency exchange platform Coinbase released it Digital resource policy proposal, A document that provides both a justification and a conceptual framework for the comprehensive control of digital resources in the United States.
Coinbase Presented The proposal comes as a result of dozens of meetings with industry participants, policymakers, crypto inventors and academics that company representatives have made over the past few weeks.
The purpose of the firm is to “animate an open and constructive discussion about the role of digital resources in our shared economic future” and to advise honesty on how a rational approach to crypto control could be.
The document opens by calculating the benefits of the emerging system of digital finance for both consumers (democratization of financial markets) and regulators (new ways to deal with more transparency and illegal activity). The authors also argue that legislation enacted in the 1930s is a weak foundation for Internet-native asset class control and that the imposition of digital resources in pre-computer legal frameworks could suppress crypto innovation in the United States.
According to Coinbase, a more useful and therefore more constructive approach, should rely on four key principles: determining a separate regulatory framework for digital assets; Designate a single regulator to oversee the digital asset market; Protection and empowerment of holders and promotion of inter operability and fair competition.
In a separate op-ed Published On the same day in the Wall Street Journal, Coinbase CEO Brian Armstrong argued that the proposed structure was not just for the benefit of his company.
He said that although Coinbase is large enough to exploit the costs of a vague regulatory environment, it is the United States ’position as a small company, retail customer and a global technology leader that could benefit from the visionary control of digital property space.
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