Coinbase to propose crypto industry regulation bill to US lawmakers

October 1, 2021

Coinbase to propose crypto industry regulation bill to US lawmakers

US bitcoin exchange Coinbase is preparing a draft federal regulatory framework for consideration by US lawmakers. Its head Brian Armstrong told TechCrunch.

"Coinbase wants to be an advisor and helpful advocate in creating sensible regulation of cryptocurrencies in the US. In fact, there is a proposal that we will put forward later this month, maybe early next month, in the form of a proposed regulatory framework," he said.

According to Armstrong, government representatives have repeatedly asked him about such a proposal, as feedback from participants in new industries when shaping regulations is common practice.

Lawmakers, when meeting, are usually interested in a draft or outline around which they could begin developing federal regulation, he added.

"Because right now Coinbase, as you know, has 50 state remittance provider licences, 50 lending approvals, and then there's FinCEN, SEC, CFTC, IRS, DOF and OFAC," Armstrong noted.

Coinbase president Emily Chow also stressed the company's interest in transparent and clear regulation.

"We just want to make sure there is a clear playing field for crypto firms and other financial services providers. We really want to be in a space where there are just common sense rules and regulations," Bloomberg quoted her online speech at the Mainnet conference as saying.

As a reminder, Coinbase was forced to refuse to launch cryptocurrency accounts following complaints from the SEC.

The regulator had earlier warned the exchange of possible legal action over the new product.

Coinbase bitcoin-ETF imminent

Coinbase doesn't offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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