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Seeking Alpha 2021-10-14 19:34:03

Coinbase suggests new crypto regulatory framework to replace SEC

Cryptocurrency exchange Coinbase (NASDAQ:COIN) urges Congress to create a single federal crypto market regulator instead of applying existing regulations to digital assets, according to the company's Digital Policy Proposal. "There should be one federal regulator designated for digital asset markets," Faryar Shirzad, chief policy officer at Coinbase (COIN) told reporters, MarketWatch reports. The new regulator would be responsible for registering and supervising marketplaces for digital assets to ensure against fraud and manipulation; it would also be in charge of initial coin offerings, which allows a crypto to trade on a public exchange — much like an initial public offering for a business. Note that the U.S. Securities and Exchange Commission cleared its first regulated version of an initial coin offering in July 2019. But the SEC has sought to intervene in cryptocurrencies countless of times in the past year alone, and even came after Coinbase (COIN) in September, saying it

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