So, Coinbase, The Nasdaq-listed cryptocurrency exchange released its Digital Asset Policy Proposal (DAPP).
While, Coinbase CEO Brian Armstrong tweets,
“Today we’re launching our Digital Asset Policy Proposal (DAPP)…”
“which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the U.S…”
“It’s critical to bring clarity to this space and ensure America remains a financial leader.”
Furthermore, Coinbase CEO Brian Armstrong continues
“This is not about Coinbase — we completed more than 75 meetings with…”
“stakeholders in government, industry, and academia to help shape this proposal,..”
“and we feel it represents a consensus point of view. It’s inclusive and democratic by design.”
Also, Coinbase experiences the lack of regulatory clarity on tryinh to launch a lending program. Meanwhile, The company discuss with the U.S. Securities and Exchange Commission (SEC) on the product.
But, the SEC maintains its a security and threaten to sue the company if it goes ahead with the program.
Subsequently, Coinbase leaves the Lend Product plan. Then, Unveils plan to create a proposal for crypto regulation.
More so, The company’s chief policy officer, Faryar Shirzad, explained Thursday that the goal of Coinbase’s proposal is to
“engage in the public conversation about the future of our financial system.”
So, The company thinks that the conversation should be on
“The blockchain-driven and decentralized evolution of the internet”
“The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.”
Coinbase Four (4) Core Recommendations
Further, Coinbase chief policy officer, Faryar Shirzad continues,
“We recommend four core pillars to inform future U.S. regulation.”
“We need a new and digitally-native framework for how we regulate digital assets…”
“– one that doesn’t encumber innovation, inclusion,..”
“and financial empowerment for all sectors of society,”
Secondly, Coinbase’s chief policy officer explains further,
“End-to-end crypto services must sit within a single regulator…”
“Its authority would include a new registration process established for marketplaces for digital assets (MDAs).”
Additionally, Coinbase implies instilling consumer confidence
“by providing robust customer protection.”
Lastly, Shirzad says,
“This can be achieved through enhanced transparency processes,…”
“including tailored disclosures to inform purchasers of digital assets.”
Fourthly, “promote interoperability and fair competition.”
Coinbase thinks that “To realize the full potential of digital assets, MDAs must be interoperable with…”
“products & services across the cryptoeconomy.”
Then, Shirzad says “This can empower and protect a thriving consumer and developer ecosystem.”
Lastly, Coinbase states that comments on its crypto regulatory proposal is on Github.