Coinbase Proposes US Create New Regulator to Oversee Crypto

Coinbase Proposes US Create New Regulator to Oversee Crypto
Crypto exchange Coinbase wants the U.S. government to create a new, dedicated regulator to oversee the cryptocurrency industry.Unveiled Thursday, Coinbase’s Digital Asset Policy Proposal suggests Congress pass legislation to regulate Marketplaces for Digital Assets (MDAs) – its term for crypto exchanges that offer custody and trading services, as well as borrowing and lending services – and create a registration process for these entities. The exchange also proposed that the crypto industry establish a self-regulatory organization (SRO) for crypto businesses.CoinDesk first reported that Coinbase was developing this proposal last month.Coinbase’s proposal suggests four “regulatory pillars” to guide this process: regulating digital…