[ad_1]
Recently, Coinbase CEO Brian Armstrong assessed the state of the crypto industry and told Axios, “Crypto is not going anywhere.”Cryptocurrency leader colorfully told industry is suffering from “a black eye as it attracts an unfair share of scammers”[s] And years of scammers. When you look at things like Mt. Gox, some of them involved bad management, but on FTX it looks like a real scam. ”
“But it is not representative of the industry as a whole, nor is cryptocurrency going anywhere. Like Bernie Madoff or someone like that in the traditional financial system. Everyone starts to look more closely at everything,” he said.
As calls for more regulation in the crypto industry grow after the demise of FTX, Coinbase CEO Brian Armstrong outlines what regulatory clarity is needed for the nascent crypto industry this month. released a blueprint.
Armstrong advocated for more regulation of centralized exchanges while advocating “decentralized innovation” for many other crypto entities. Doing so will sustain “decentralized crypto innovation that will bring enormous benefits to the world,” he said.
Armstrong believes stablecoin issuers, exchanges and custodians should be the first group to be regulated. “This is where consumers are at the highest risk of harm,” he said. He did not say that decentralized entities such as DeFi, decentralized autonomous organizations and DAOs justify early regulation.
However, Armstrong urged lawmakers to impose an updated version of the Howie test, which determines whether an investment is a security, to cryptocurrencies. “Perhaps the most complicated point that needs to be clarified is which crypto assets are commodities and which are securities,” Armstrong said.
“The CFTC and SEC have been discussing this issue in the US for several years, but unfortunately have not provided clear information to the market.”
[ad_2]
Source link
