Coinbase to Distribute Regulatory Framework for Cryptocurrency Industry to US Lawmakers

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Recent reports show that Coinbase had embarked on a journey to Influence cryptocurrency regulation in the US. According to a recent tweet, Coinbase CEO Brian Armstrong asserted that:

“We’ve now met with 30+ crypto firms, 25+ members of congress and or staff, four major law firms, and three trade groups about our regulatory proposal for crypto. Our policy team is doing great work, and we’re trying to be part of the solution.”

The CEO initially revealed his company’s plans to draft and submit a regulatory framework to US legislators at the TechCrunch Disrupt event on September 22. Armstrong noted that distributions of this proposal should begin this month.

The Coinbase executive also revealed that he had received multiple requests for a cryptocurrency regulatory framework proposal, as regulatory agencies like to receive industry feedback when creating new rules. Armstrong stated during the interview that: “When I go to DC, I’ve met with a number of people in government, and they typically will ask us ‘Well, do you have a draft, do you have a proposal of something we could try to shop around about how this could be regulated federally?'”

Coinbase has Lender License in 50 States but Seeks Federal Framework

The CEO revealed that Coinbase is recognized and licensed as a money transmitter and lender in 50 states. He also highlighted that the behemoth exchange operates under the purview of the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Treasury, and the Office of Foreign Assets Control (OFAC).

That said, Armstrong opined that he would prefer a federal regulatory framework instead of dealing with the complexities of several independent states. He noted that:

“We have a proposal that we actually want to put out there that could help maybe create at least one idea about how to move forward. But this is going to require input from a lot of people.”

 

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