Coinbase has called for the creation of a single dedicated body to regulate digital assets, arguing that the current oversight is too fragmented and that the US’s century-old securities laws are ill-suited to today’s cryptocurrency markets.
In a policy document shared with Congress, the largest US cryptocurrency exchange urged lawmakers to separate the oversight of digital asset markets from other financial markets, as it goes on the offensive in Capitol Hill following a recent spat with the Securities and Exchange Commission.
“To avoid fragmented and inconsistent regulatory oversight of these unique and concurrent innovations, responsibility over digital assets markets should be assigned to a single federal regulator,” Coinbase said, noting that the SEC, the Commodity Futures Trading Commission and certain state regimes all oversee parts of the crypto industry.