Coinbase Prepares Cryptocurrency Regulation Proposal For US Government

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Cryptocurrency exchange Coinbase may offer US regulators guidance on overseeing the cryptocurrency industry in the coming days.

According to Coindesk, citing sources familiar with the situation, Coinbase will unveil a proposal to regulate the cryptocurrency industry in the coming days. The details of the proposal are still unknown, but among other things, the company intends to raise the question of which crypto assets should be defined as securities and which should not.

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A possible impetus for the preparation of such a proposal could be a controversial situation that arose over Coinbase’s plans to launch a high-yield savings product for the USDC. Although the company had been in talks with the US Securities and Exchange Commission (SEC) for a product launch for six months, the agency suddenly warned the exchange in early September that it could sue if Coinbase launched the product.

Industry participants called on Coinbase to fight back the regulator, but the exchange decided not to conflict with the SEC and canceled the product launch. Coinbase has repeatedly advocated the creation of guidelines and tools to standardize the approach of exchanges to listing cryptocurrencies and launching new products in the United States.

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The company was one of the founders of the Crypto Rating Council, launched in 2019, which includes major participants in the US cryptocurrency industry. Crypto Rating Council presented updated rules for rating digital assets in May.

Last December, Coinbase CEO Brian Armstrong posted a series of tweets and was one of the first to comment on rumors of a new regulation for non-custodial cryptocurrency wallets that the US government was preparing at the time.

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