Coinbase (NYSE:COIN) Takes Issue with US Regulators

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Coinbase's (NASDAQ:COIN) Top executives plan to publish a regulatory framework for US regulators in the coming wks.

Speaking at a DeFi-focused Mainnet conference, Coinbase President and Chief Operating Officer Emilie Choi addressed the company's current position on crypto regulation.

The announcement comes just after Coinbase CEO Brian Armstrong voiced objections to the Securities and Exchange Commission's moves against the company. 

"We should all care about transparency and clarity. The reason we went out with that tweet storm is because we didn't feel like there was transparency and clarity to the way things were being regulated," said COO Choi.

"We are regulated by more than 50 different regulators and we can handle it, if we're struggling with this what is your audience going to do," said Mr. Choi referring to other cryptocurrency companies in attendance of the conference.

David Hollerith·Senior ReporterWed, September 22, 2021, 12:46 PMIn this article:

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Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq market site April 14, 2021 in New York City. Coinbase Global Inc. is the largest U.S. cryptocurrency exchange, debuting today through a rare direct listing. (Photo by Robert Nickelsberg/Getty Images)

Coinbase's (COIN) top executives confirmed it plans to publish a regulatory framework for policy makers in the U.S. in the coming weeks. Speaking at a DeFi-focused Mainnet conference, Coinbase President and Chief Operating Officer Emilie Choi broadly addressed the company's current position on crypto regulation.

The announcement comes two weeks after Coinbase CEO Brian Armstrong voiced objections on Twitter to the Securities and Exchange Commission's moves against the company. 

"We should all care about transparency and clarity. The reason we went out with that tweet storm is because we didn't feel like there was transparency and clarity to the way things were being regulated," said Choi. - ADVERTISEMENT -https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html

"We are regulated by more than 50 different regulators and we can handle it, if we're struggling with this what is your audience going to do," said Choi referring to other cryptocurrency companies in attendance of the conference.https://flo.uri.sh/visualisation/6135587/embed?auto=1

"We just want to make sure there's an even playing field for crypto companies," Mr. Choi said referring to how crypto services are regulated differently than traditional financial services.

"We do have regulatory proposals we will be publishing in the coming weeks. They will focus on what the future of crypto regulation should look like,"

Given Coinbase's size as 1 of the world's largest crypto exchanges, the decision not to move forward with its lending product suggests other companies may follow suit in working with the SEC.

The fact that Coinbase is proposing a crypto regulatory framework to policymakers shows there's more going on behind the scenes. Stay tuned...

Have a prosperous day, Keep the Faith!