Leading cryptocurrency exchange Coinbase often makes the headlines for various reasons. Now they are all over the news again for demanding a unified regulator for crypto transactions in the country. Stating the fact that the United States alone has 53 regulators for crypto, Coinbase has called for a single cryptocurrency regulator for the entire country. According to the firm, it will significantly ease processes and encourage new players to enter the market. It would also open scope for research, development, and innovation.
During Coinbase’s Q3 earnings call, CEO Brian Armstrong talked at length about the problems with cryptocurrency regulation in the United States of America. He listed the various regulatory bodies exerting influence over crypto transactions and the country and elaborated how that slows processes down. Unlike the United States of America, many countries indeed have a single body of regulators for overseeing crypto transactions in the country.
Cryptocurrency regulations have been a contested subject in crypto communities for a long time now. With the growing number of regulations, many feel that innovation and progress in the sector are being slowed down. On the other hand, it is also true that a degree of regulations is essential to prevent criminal activities. Brian Armstrong suggested a model where these different regulatory bodies can be merged into one or put in a hierarchy. That would not disrupt the system significantly yet make life easier for blockchain/cryptocurrency developers and entrepreneurs.