Coinbase (COIN) is set to propose the crypto regulatory framework in the U.S. The top executives of the company confirmed its plans regarding the proposal.
Coinbase’s President and Chief Operating Officer Emilie Choi spoke at the DeFi-focussed Mainnet Conference and addressed the company’s present position on crypto regulations. The cryptocurrency trading platform Coinbase looks to help in guiding any emerging rule on exchanges like itself.
This announcement comes two weeks after the Coinbase CEO Brian Armstrong voiced objections on Twitter against the Securities and Exchange Commission.
Choi said that there must be transparency and clarity. He defended Armstrong’s tweet by saying that the tweet was because the essential elements like transparency and clarity were missing from the SECs moves against the company.
Fifty different regulators regulate Coinbase. However, the company can handle it. But, this is more difficult for the smaller companies and their audiences! Thus, with the help of the new regulatory framework, they want to ensure that there is an even playing station for the crypto companies.
Regulators usually seek industry feedback when framing the new rules. This is particularly true for the industries where the pace of industrial-technological advancements and market progress is far ahead of the latest and amended regulations.
These interviews follow after Twitter circulated that Coinbase is not opposing SECs moves to block its crypto lending product, Coinbase Lend. The rumours were denied by many of the employees in the company!
Coinbase’s chief wasn’t the only one concerned about the issue. Many other crypto market players have also expressed their frustrations with the SECs moves. Presently, SEC is probing UniSwap-the decentralised finance (DeFi) platform!
Coinbase’s size as one of the largest crypto exchanges and its firm decision of not going ahead with SEC may inspire other companies to follow in its footsteps! Now, Coinbase proposing a new regulatory framework in front of the policymakers is adding to the speculations. They plan to work in the U.S. legal system!
The Coinbase shares traded at $241 on Wednesday. This is 26%down from its April IPO price!