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Coinbase exchange publish its proposed regulatory framework for US authorities

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  • Coinbase exchange makes good on its promise, publishes proposed regulatory framework for govt.
  • The proposal is to make the public engage in conversation and spark debate, Coinbase says.
  • Coinbase call for one regulator to improve innovation in crypto space.

Top American crypto firm, Coinbase exchange has published a Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership (dApp) which provides a conceptual framework for justification and comprehensive regulation of digital assets in the US.

Coinbase exchange published the proposed framework after Brian Armstrong, the CEO of Coinbase, alleged that the United States Securities and Exchange Commission threatened to sue his company if they offered a crypto yield program that the SEC considers a security. The crypto firm experienced firsthand the lack of regulatory clarity.

During an interview with TechCrunch, Armstrong also said that Coinbase exchange wants to be an advisor and a helpful advocate for how the US can create that sensible regulation.

Faryar Shirzad, Coinbase chief policy officer who authored the proposal, wrote that the goal of Coinbase’s proposal is to “engage in the public conversation about the future of our financial system.” The company believes that the conversation should focus on “The blockchain-driven and decentralized evolution of the internet” and “The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.”

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Coinbase exchange proposed regulatory framework

It broke down the approach down to a new framework of four pillars; regulate digital assets under a separate framework, designate one regulator for digital asset markets, protect and empower holders of digital assets and promote interoperability and fair competition.

The proposal also contained the benefits of the emerging system of digital finance for both consumers (democratization of financial markets) and regulators (more transparency and new ways to combat illegal activity).

Coinbase noted that laws drafted in the 1930s are a poor foundation for regulating the internet-native asset class and that forcing digital assets into the legal framework developed before the computer age could lead to stifling crypto innovation in the US.

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Notably, Coinbase asked for only one regulator to avoid fragmented and inconsistent regulatory oversight of the innovative space. Coinbase suggested instilling consumer confidence “by providing robust customer protection.” Shirzad noted, “This can be achieved through enhanced transparency processes, including tailored disclosures to inform purchasers of digital assets.”

In conclusion, Coinbase exchange called for feedback on its proposal, noting that its communication lines are open for further debate.

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Coinbase

Coinbase Acquires Mobile Wallet Company BRD

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Key Takeaways

  • Coinbase has acquired the mobile wallet company BRD Wallet.
  • The team behind the wallet will join Coinbase Wallet to work on self-custody and Web3 integration.
  • Coinbase has acquired several other companies in recent months including Agara, Bison Trails, and Skew.

Leading crypto exchange Coinbase has acquired the crypto wallet company BRD, according to statements from both firms.

BRD Team Will Join Coinbase Wallet

BRD announced today that its team will join Coinbase, where it will contribute to the company’s Coinbase Wallet. The app was originally launched in 2014 under the name “breadwallet” and achieved a userbase of 10 million.

BRD suggested that its own wallet will continue to operate normally for the time being and that users will be given the option to migrate to Coinbase Wallet in 2022.

The team behind BRD will join the team behind Coinbase Wallet. Coinbase noted that BRD “brings deep expertise in self-custody for crypto wallets” and that the acquisition is part of its goal of “doubling down on [its] investment in self-custody and Web3.”

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It is unclear how the BRD team will change Coinbase’s wallet. Though BRD offers self-custody of crypto funds, Coinbase Wallet already supports this feature, unlike many other exchange wallets.

Coinbase Is On an Acquisitions Spree

BRD is the latest Coinbase buyout in a series of 18 acquisitions since 2018. Earlier this month, Coinbase acquired Indian AI customer support company Agara for over $40 million.

In recent months, Coinbase has also acquired the wallet interoperability company Zabo, the blockchain infrastructure firm Bison Trails, and the crypto data analytics company Skew.

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Coinbase also controversially acquired Neutrino in 2019, a company that has been involved in government surveillance efforts for countries such as Ethiopia, Saudi Arabia, and Sudan.

In other news, footwear company Adidas also announced today that it has partnered with Coinbase but has revealed few details about its plans.

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Adidas Teasing Partnership with Coinbase

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German sports apparel behemoth Adidas has announced a partnership with Coinbase, America’s leading cryptocurrency exchange, on Twitter. 

The crypto platform replied with the handshake emoji, seemingly confirming the deal. 

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In another tweet, Coinbase welcomed Adidas “to the party.”  

While there are no details about the high-profile tie-up as of now, cryptocurrency enthusiasts were quick to speculate about it.  

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On Nov. 22, Adidas tweeted about developing “adiVerse,” a play on the term “metaverse,” together with The Sandbox, a blockchain-powered gaming platform. The tweet has bolstered the rally of the native SAND token that went ballistic after Facebook changed its name to Meta in late October.  

Earlier this month, Nike filed to trademark various digital items in the U.S. In 2019, the company received a patent for “Cryptokicks,” a platform for selling non-fungible tokens that represent tokenized versions of physical shoes.  

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Coinbase users continue to face technical issues

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  • Coinbase users continue to face technical issues.
  • The exchange claimed it had fixed the issues.
  • Elon Musk warns traders against centralized exchanges.

Trading crypto on exchanges has been regarded as one of the few best ways to make profits in the crypto market. According to a report, San Francisco-based crypto exchange, Coinbase is facing some technical issues. The report states that the technical issue, which is not the first this year stems from a series of connectivity problems the platform has battled with in the past few months. According to a tweet from the support handle of the crypto exchange, both of their platforms Coinbase and Coinbase Pro were said to be down for a long time yesterday.

Coinbase claims issue has been fixed

According to the support handle, the issues resulted in the majority of the customers witnessing failed trades and connectivity issues in their mobile apps, among others. However, a new tweet by the exchange’s support handle has mentioned that the problems were now fixed. According to the handle, traders who intend to use the Coinbase products and services can now do so without issues.

Going by records, the technical staff of the crypto exchange was said to have battled with the problems and only succeeded after two hours. Users were quick to take to Twitter to call out the crypto exchange, reminding them of a previous technical issue about a month ago. According to most of them, the connectivity issues resulted from new traders flocking into the platform to trade high-flying coins such as Crypto.com, Shiba Inu, and GYEN.

Elon Musk wants traders against centralized exchanges

A recent CoinGecko data shows that Crypto.com token CRO saw a massive 300% jump on Coinbase after it was listed in November. Also, Coinbase has restricted traders from buying and selling GYEN since November 19. Even though Coinbase released a tweet today to say the problem was fixed, some users have signaled that they are still facing issues.

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According to a user, the problem persisted yesterday before he went to bed, and the problem continued after the platform said it had been fixed. Although the Coinbase Support team is still entertaining questions regarding the issues, the platform has failed to update the technical issues. According to an update by a firm spokesperson, there were issues but all the issues witnessed have now been fixed, and things are up and running perfectly.

Reacting to this, Tesla Boss Elon Musk has urged crypto traders to take their holdings away from centralized exchanges. He mentioned that traders should not consider trading with any exchange that wants to hold on to their private keys for them.

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