Coinbase to propose federal framework for crypto regulation to U.S. lawmakers

American cryptocurrency exchange Coinbase is preparing a federal regulatory framework for consideration by U.S. lawmakers, according to Coinbase CEO Brian Armstrong in an interview with TechCrunch.

“Coinbase wants to be an adviser and a helpful guardian in crafting sensible cryptocurrency regulation in the United States. In fact, there is a proposal we will put forward by the end of this month, perhaps early next, in the form of proposed regulatory frameworks,” he said.

According to Armstrong, government officials have repeatedly asked him about such a proposal, as engagement with participants in emerging industries is standard practice in rulemaking.

Lawmakers, as a rule, typically show interest in a draft or outline around which they could begin formulating federal regulation, he added.

“Because right now Coinbase, as you know, has 50 state money-transmitter licenses, 50 lending licenses, and there are FinCEN, SEC, CFTC, IRS, the Treasury and OFAC“, Armstrong noted.

Coinbase President Emilie Choi also emphasized the company’s interest in transparent and clear regulation.

“We simply want to ensure there is a level playing field for crypto firms and other financial-services providers. We truly want to be in a space where there are only rules and common-sense norms,” Bloomberg quotes her online remarks at the Mainnet conference.

abandoned the launch of crypto-savings accounts after complaints from the SEC.

Earlier, the regulator warned the exchange about possible legal action due to the new product.