Coinbase Chief Policy Officer Faryar Shirzad called on the US Congress to pass clear crypto regulations, warning that ongoing omissions would drive innovation overseas and prevent American consumers from protecting them .
In a policy letter entitled Why Congress should act, the clarity of crypto and consumer protection and exchange outlines the urgent need for clarity of legislative legislation in the digital asset sector, and blockchain technology is the world He emphasized that he is restructuring the economy.
Coinbase has urged lawmakers to create frameworks that promote innovation and protect consumers.
According to Shirzad:
“The lack of clear laws in the US could leave consumers exposed and encourage innovation abroad.”
Key legislative priorities
Coinbase’s letter highlighted key legislative priorities, including defining digital assets, granting Crypto Spot Markets’ Commodity Futures Trade Commission (CFTC) oversight, and establishing clear rules for Stablecoins and Capital Rashing .
The company has also promoted a regulatory framework that distinguishes securities and products, a rival point between industry players and the Securities and Exchange Commission (SEC).
In its policy recommendations, Coinbase highlights the need to protect Defi and digital commerce from regulatory overreach, ensuring a centralized platform for customer funds to protect transparency and security standards. did.
The company argued that blockchain networks should allow users to control their digital assets without unnecessary restrictions. The letter warned:
“The risk of omission is clear. Without regulation clarity, the US will continue to lose its advantage in blockchain innovation.”
The appeal of Coinbase is that as lawmakers discuss a variety of crypto-related proposals, industry supporters are urging Congress to provide clear and enforceable guidelines.
Change the tide
The Biden administration and federal regulators, including former SEC chairman Gary Gensler, have maintained a strict stance on digital assets, arguing that many tokens should be treated as securities.
However, the landscape has shifted dramatically to a positive shift under the new Trump administration. Industry leaders are seeing opportunities for more balanced regulatory debate as lawmakers are eager to engage with crypto companies and consider legislation that promotes innovation rather than focusing solely on enforcement actions. Masu.
Coinbase highlighted that over 52 million Americans own codes. This demonstrates the importance of legislative measures to maintain US leadership in the global digital economy.
Shirzad wrote:
“Passing thoughtful laws will allow consumers to fully participate in the blockchain economy and protect them.”
With the changing landscape of regulations, lawmakers must make important decisions. It embraces a framework that drives responsible growth and allows uncertainty to push one of the fastest growing industries across the US borders.
Coinbase said thoughtful regulations can empower developers, protect consumers and establish the US as a global leader in digital assets, but hesitant is that costs are in an increasingly competitive global market He said it could happen.
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