Members of the crypto community have clashed with practically every major federal regulator, and even some state players (remember when the New York State Department of Financial Services rolled out its surprisingly restrictive Bitlicense?), while also taking on both chambers of Congress (during the battle over crypto taxes earlier this year). Each of these episodes has been accompanied by anxiety among members of the community and its lobbyists as they battled in the name of protecting the nascent industry from heavy-handed regulators who would stifle innovation.
Given it’s market position, Coinbase was a major player in all of these battles.
And after so many negative encounters with regulators who are, first and foremost, in the pocket of the legacy financials services industry, which crypto implicitly disrupts, Coinbase has released a paper calling for the creation of a new ‘crypto regulator’ that would be solely responsible for governing the industry.
Laws drafted in the 1930s to facilitate effective oversight of our financial system could not contemplate this technological revolution…
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