Brian Armstrong, CEO of the crypto exchange, said that the current system of regulation of financial markets is not suitable for the digital assets industry and could harm its development.
The world's first public cryptocurrency exchange, Coinbase, has proposed to the US authorities to create a federal regulator that will have authority over digital assets. Representatives of the trading platform posted on Twitter excerpts from an interview with Coinbase CEO Brian Armstrong in The Wall Street Journal , in which he expressed his views on the regulation of the crypto industry in the United States.
Armstrong said the current financial market regulation system is not suitable for the digital asset industry and could harm its development. The head of Coinbase also proposed creating a self-regulatory organization that will work in conjunction with the regulator to create rules for the market.
According to Armstrong, the new rules for regulating the crypto market should provide protection and empowerment for digital asset owners, increase the transparency of the industry, and prevent fraud and market manipulation.
Coinbase offered the US authorities its own vision of regulating the digital asset market after the Securities and Exchange Commission (SEC) threatened the trading platform with a lawsuit over the launch of the Lend cryptocurrency lending service. After a warning from the regulator, Coinbase refused to launch the service.