coinbase global coin CEO Brian Armstrong On Monday, we outlined a viable framework for clarifying regulation in the cryptocurrency space.
What happened: In a blog post, Armstrong argued that regulation should start with the centralized actors (stablecoin issuers, exchanges, custodians) that are the biggest sources of consumer risk.
“This is where consumers are at the highest risk of harm, and I can agree that most people should do it. It is an easy achievement to achieve,” he said.
Armstrong said he would regulate stablecoin issuers is a “good place to start”. He said the process need not be overly complicated.Stablecoins can be effectively regulated under existing financial services laws such as state or national charters of trust.
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According to Armstrong, countries that have enacted laws governing cryptocurrency-related business activities should enforce the laws domestically and ensure compliance by foreign companies serving their citizens.
Citing FTX as an example, Armstrong said the company is based in the Bahamas but remains aware of the laws of countries where its customers are based, including the United States.
“The decentralized aspect of cryptocurrencies creates an opportunity to create even stronger consumer protection by increasing transparency and eliminating middlemen via self-custodial wallets, public and open smart contracts, and on-chain accounting. ,” he added.
DOGE Pips COIN: Dogecoin Doge/US Dollar have Passing Coinbase market capitalization With a current price of $0.07, it has a market capitalization of $9.65 billion, surpassing Coinbase’s $7.98 billion.
Price action: At the time of writing, DOGE is down 7.31%, According to Benzinga Pro.
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