Coinbase has proposed the creation of a special regulator just for the cryptocurrency market. According to the WSJ, the trading platform suggested that Congress should create a new agency to regulate the industry under a new framework, which differs from conventional regulation.
The proposal comes on the heels of the Wells Notice the exchange received from the SEC last month over its lending product. The company had to cancel the product launch because of the SEC’s demands.
“To avoid fragmented and inconsistent regulatory oversight of these unique and concurrent innovations, responsibility over digital asset markets should be assigned to a single federal regulator,” Coinbase said in its new publication, “Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership.”
The company wants Congress to create a self-regulatory organization to “strengthen the oversight regime.” The organization would create rules overseeing a range of crypto topics such as digital asset trading, borrowing, and related services.
While some agreed to Coinbase’s proposal on Twitter, others took a dig at the company, claiming Coinbase wants to clear its way for launching crypto products without any interference from the SEC. 🤔
$COIN rose 5.3% today.