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    Coinbase Asks Congress To Create New Standalone Crypto Regulator

    October 14, 2021
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    Coinbase Asks Congress To Create New Standalone Crypto Regulator
    Image by CryptoWallet.com

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    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...

    To read more visit Zero Hedge.

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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