Brian Armstrong, the CEO of Coinbase
$5.37B
, has referred to as for adjustments to how his cryptocurrency alternate manages listings.
In a January 26 put up on X, he highlighted the overwhelming variety of new tokens being launched—round a million every week. He mentioned, “We have to rethink our itemizing course of at Coinbase, given there are ~1m tokens every week being created now, and rising”.
Armstrong believes the standard methodology of reviewing tokens individually is not sensible.
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Presently, Coinbase makes use of an in depth vetting course of for itemizing new tokens. A devoted staff evaluates every digital asset to make sure it meets authorized, compliance, and safety requirements earlier than being made out there to customers.
Armstrong acknowledged that whereas this course of has labored previously, the sheer quantity of latest tokens makes it more and more troublesome to maintain up.
To handle this, he proposed a brand new technique. As a substitute of reviewing tokens earlier than itemizing them, Coinbase would permit all tokens by default. Tokens might then be eliminated if points come up, similar to poor consumer evaluations or suspicious on-chain exercise.
Armstrong additionally urged regulators to rethink their necessities, stating, “Regulators want to know that making use of for approval for each is completely infeasible at this level as effectively”.
Lately, Coinbase sought clarification from a US appeals courtroom on whether or not crypto trades are categorised as securities. How did it go? Learn the complete story.
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