Coinbase Urges US Congress To Act On Crypto Regulations, Outlines 6 Key Priorities

Coinbase's Chief Policy Officer called on US Congress to create clear crypto regulations to help the industry and investors. He believes the current lack of clarity discourages innovation and puts consumers at risk. He suggested six priorities for Congress: define digital assets clearly (separating securities, commodities, and other tokens), give the CFTC authority over the spot market for commodities like Bitcoin and Ethereum, allow the SEC to create rules for fundraising for blockchain projects, establish a framework for stablecoins to ensure they are backed and transparent, protect the development of decentralized finance (DeFi) and digital commerce like NFTs, and regulate centralized platforms that hold user funds. This follows Coinbase's recent request to US regulators for clearer rules on how banks can work with crypto businesses. Coinbase believes a well-rounded system supporting the crypto economy, with broad participation, is beneficial.