Coinbase chief executive officer Brian Armstrong is circulating a crypto regulation proposal that he believes will ensure that the US remains a global financial leader.
The exchange is launching the Digital Asset Policy Proposal (dApp) to anticipate the evolution of a blockchain-driven and decentralized internet and the emergence of cryptocurrencies as a new asset class.
Armstrong tells his 867,000 Twitter followers that the proposal aims to help the United States retain its status as a financial leader in the face of technological change.
“Web3 is upon us and represents an enormous opportunity for America to not just retain its status as a financial hub, but also to encourage innovation, create jobs, and grow the economy.
We can do this all with sensible regulation that protects consumers and creates a level playing field if we work together.”
Armstrong says that the dApp represents the views of government stakeholders, as well as those of individuals within the crypto space and academia. Coinbase conducted in-depth meetings with representatives from multiple industries before drawing up the proposal.
This is not about @Coinbase – we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It's inclusive and democratic by design.
— Brian Armstrong (@brian_armstrong) October 14, 2021
According to Coinbase chief policy officer Faryar Shirzad, the dApp primarily consists of four pillars:
- Regulate digital assets under a separate framework
- Designate one regulator for digital asset markets
- Protect and empower holders of digital assets
- Promote interoperability and fair competition
Shirzad says,
“Our goal is to thoughtfully and respectfully engage in the public conversation about the future of our financial system. That conversation, we believe, requires recognition of two concurrent and broad developments:
1. The blockchain-driven and decentralized evolution of the internet
2. The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases
Our hope at @Coinbase is that this framework will animate an open and constructive discussion regarding our shared economic future.”
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Featured Image: Shutterstock/Eduard Muzhevskyi
