Coinbase CEO Brian Armstrong announced that he is proposing a crypto regulation that he believes will enable the United States to remain a global financial leader.
Brian Armstrong, CEO of Coinbase, one of the world’s leading cryptocurrency exchanges, is launching the Digital Asset Policy Proposal (dApp) to follow and support the development of a blockchain-driven and decentralized internet and the emergence of cryptocurrencies as a new asset class.
Armstrong, in the article he shared on Twitter, said that the royalties they gave were aimed at helping the United States maintain its status as a financial leader in the face of technological change.
“Web3 is upon us and could create a tremendous opportunity for the United States not only to maintain its status as a financial hub, but also to foster innovation, create jobs and grow the economy.
Working together, we can make a ‘reasonable’ arrangement and do all of those things I’ve been talking about, delivering a market that protects consumers and creates a level playing field.”
Armstrong stated that the dApp represents the views of individuals in the crypto space and individuals within academia, as well as government stakeholders. Coinbase added that it held in-depth meetings with representatives from multiple industries before preparing the proposal.
This is not about @Coinbase – we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It’s inclusive and democratic by design.
— Brian Armstrong (@brian_armstrong) October 14, 2021
According to Coinbase Chief Policy Officer Faryar Shirzad, the dApp primarily consists of four pillars:
- Organizing digital assets under a separate working group.
- Identifying a regulator for digital assets.
- Protection and empowerment of digital asset holders.
- A market that offers interoperability and fair competition.
Shirzad:
“Our goal is to participate thoughtfully and respectfully when speaking publicly about our financial system. We believe that for this conversation to happen, two simultaneous and broad developments must be recognized:
- Blockchain-oriented and decentralized evolution/development of the Internet.
- Adoption of a distinctive “asset class” that is digitally native and empowers unique economic use cases.