Coinbase Will Offer US Legislators Draft to Regulate Crypto Industry

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US cryptocurrency exchange Coinbase is working on a draft federal regulatory framework for consideration by US legislators, the exchange CEO Brian Armstrong said in an interview with TechCrunch:

“Coinbase wants to be an advisor and a helpful advocate for how the US can can create that sensible regulation. In fact, there’s a proposal that we’re putting out at the end of this month, or maybe early next month, that is our proposed regulatory framework.”

According to Armstrong, government officials have repeatedly asked him about such a proposal, since it is common practice to get feedback from emerging industries when developing new rules.

Legislators would like to have a draft to use as a base for the federal regulation, he added.

“Now Coinbase, as you know, has 50 state money transfer provider licenses, 50 lending approvals, and it also has FinCEN, SEC, CFTC, IRS, Treasury and OFAC,” Armstrong said.

Coinbase president Emilie Choi also highlighted the company’s interest in transparent and clear regulation:

“We just want to make sure there is a clear playing field for crypto firms and other financial service providers. We really want to be in a space where there are only rules and norms of common sense.”