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Cryptocurrency is already a “regulated industry” in the United States, says Coinbase CEO

Priya

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Cryptocurrency is already a "regulated industry" in the United States, says Coinbase CEO
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The CEO of the cryptocurrency exchange platform, Coinbase, Brian Armstrong discussed the U.S regulation for cryptocurrency, during the 2018 Disrupt conference.

During the conference, Brian was asked about his stance on cryptocurrency regulation in the United States given the fact there has not been a new law since the Securities Act of 1993 and 1994.

Brian said:

“Yes, I don’t think there will ever be a moment where its like, now, we have cryptocurrency regulation because cryptocurrency has now branched out to be so many things, you know, its money, its potentially stocks or securities, its commodity, its property and then that’s just in the U.S”

He continued to say that cryptocurrency is a global phenomenon and that every country has a different perspective on it. According to him, cryptocurrency is already a “regulated industry” in the United States.

Brian stated that Coinbase is one of the few companies in New York to get a Bit license and the platform is regulated as a money transmitter in several states. He said that the next stage is the progression stage which would probably give some clarity on the new tokens which are being created that are raising money.

Moreover, Brian said that the ICOs is probably the next version of the entire stock market. He said:

“I think in five years, most startups that are created will have some kind of, at least teach startups, will have some kind of token associated with it because that’s just how you value around on the internet now.”

Brian continued to say that, as of now, it is unclear whether these tokens are classified as commodities or security. Although he does not have an opinion on it, Brian thinks that it is their [cryptocurrency firms] responsibility to be an “educational resource” to the regulatory bodies and work with them in order to shape the regulation.

The CEO of Coinbase further spoke about tech companies adding their token on the platform since they recently acquired a broker-dealer. He explained that the firm acquired the broker-dealer because they feel that a subset of tokens will be securities.

Brian said:

“So, I think that’s certainly one of our goals. And, you know, I could imagine a future where companies come to Coinbase to, you know, issue their token and get in onto our exchange where we have all this liquidity and people trading.”

After which, Brian was questioned on how the platform is planning on adding more tokens in the future without having a massive impact on the price. He said that Coinbase will eventually get there because there are going to be hundreds of token within the next few years.



He said:

“…any company out there … they should have their own token, every open source project, every charity… these new types of decentralized organizations, these new types of decentralized apps, they’re all going to have their own tokens.”

Brian said that Coinbase wants to be the bridge all over the world where people can get different cryptocurrencies with their fiat.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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