CEO of Coinbase, Brian Armstrong, recently revealed his feelings towards the number of regulators in th U.S. hinting that they are simply just too many.
The crypto exchange company went into a meeting with a number of regulators and tried to convince them of an idea that the United States should have only one federal regulator who could be overseeing the crypto sector.
The CEO said during the company’s Q3 earnings call just last week: “We’ve met with a number of different regulators out there, on a regular basis. I had a meeting last week with the chairman of the SEC, Chair Gensler, which I think was very productive.”
He also added that: “There’s a variety of different regulators in the United States. There’s the CFTC, the SEC, the Treasury. And then, of course, we have state regulators as well on money transmission licenses and lending licenses.”
Coinbase serves clients in more than a hundred countries across the world and Armstrong believes that it’s amazing how the company has to deal with 53 regulators in just a single country.
In reference to the crypto regulatory proposal published by the company last month, the Digital Asset Policy Proposal (DAPP) recommended having one single federal crypto regulator in the United States.
Armstrong continues to emphasize on how having too many regulators is really just harming startups in the space: “It could be underneath one of the existing regulators. It doesn’t have to be a completely new entity, but it’d be nice to consolidate it a bit and use that as a way to enable more innovation in this space.”
Coinbase believes that having a single federal regulator who truly understands, deeply, the technology and the industry and can help bring what the new principles for financial regulation in the crypto world looks like will be tremendously helpful.