Brain Armstrong, The CEO, and founder of Coinbase, in a series of tweets mentioned what could be the ideal crypto regulations.
He says that first the centralized actors in the crypto market should be regulated. It is from where the most risk related to consumer harm is attached. He also claims it to be a ‘low-hanging fruit.’ Stablecoin issuer regulation is an excellent place to start because it will generate interest in DC and give some momentum.
A level playing field enforcement
In the second point in his blog, he mentions getting regulatory clarity and enforcing a level playing field. He points out that the major challenge is the regulatory authority looks out only for domestic markets. They should increase their focus on international markets. A modern-day Howey test can be created. He points out FTX being based in the Bahamas and serving the U.S. If the authorities had a keen eye on what it is doing internationally, probably the debacle would have been avoided.
Also read: Amid
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