Coinbase CEO outlines Ideal Crypto Regulations
Brain Armstrong, the CEO and founder of Coinbase, shared his thoughts in a series tweets about what could be the ideal cryptocurrency regulations.
He believes that the first centralized players in the crypto market must be regulated. It is the place where consumers are most at risk. He also claimed it was a ‘low hanging fruit’. Stablecoin issuer regulations are a great place to start, as it will generate interest and momentum in DC.
Enforcement of equal playing fields
He mentions the second point of his blog: ensuring regulatory clarity and creating a level playing ground. He points out that the regulatory authority is not focused on domestic markets. They should be more focused on international markets. It is possible to create a modern-day Howey test. He points out that FTX is based in the Bahamas and serves the U.S. The debacle could have been avoided if the authorities had kept an eye on its international activities.
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To make crypto more popular, the decentralized aspects should be incorporated into new innovations. Customers can store their cryptocurrency in their own wallets, without having to trust anyone else. Multi-party computing and social recovery technology will make it easy for anyone to store their cryptocurrency safely without having to rely upon third parties.
How can you manage both aspects of crypto?
He believes that Web 3, DeFi, and self-custody are the future. He also calls for decentralized platforms to create self custody wallets, which will make transactions easier and more transparent. Because these platforms are not transparent, stricter regulations should be applied to the centralized parts. Disclosure is required.
He is optimistic about the changes that will be made in 2023. If there is clarity in legislation for central entities, level playing fields, and protection of decentralized crypto innovation, cryptocurrency could be a great help to the world.
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