In a Coinbase blog post from December 19, Armstrong outlined a regulatory strategy for the crypto industry.
Stablecoin regulation and regulatory clarity are highlighted issues.
Coinbase CEO presents a regulatory roadmap for the crypto industry
Brian Armstrong has called for regulatory clarity in the crypto industry. In a recent blog post on Coinbase, Armstrong addressed how crypto regulation following the FTX-Alameda collapse can help the industry move forward and rebuild confidence.
I've been in hundreds of meetings with policymakers over the past 10 years discussing how we can get regulatory clarity in crypto. While there has been some meaningful progress, my hope is that the collapse of FTX will be the catalyst we need to finally get new legislation passed.
Armstrong believes regulatory clarity with centralised institutions such as stablecoin issuers, custodians, and exchanges will be the best place to start since they have all caused the most harm to the industry and consumers in recent years.
After stablecoin regulation, policies for exchanges and custodians can follow to stop malicious activities from centralised parties. Vigorous KYC (Know-your-customer) and AML (Anti-money laundering) implementations across exchanges with federal licensing, and customer protection guidelines can all help to make centralised exchanges safer.
Armstrong ended the post by calling for greater self-custody and decentralisation along with better distinctions between commodities and securities, an issue that has troubled the crypto industry for numerous years.
With regulatory clarity for centralized actors, a level playing field, and decentralized crypto innovation preserved, crypto can bring enormous benefits to the world. Right now there is too much distraction from bad actors causing harm, and we all need to take responsibility for improving this.