Brian Armstrong, the CEO of Coinbase
$6.08B
, has known as for adjustments to how his cryptocurrency change manages listings.
In a January 26 submit 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 now not sensible.
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At present, 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 up to now, the sheer quantity of recent tokens makes it more and more troublesome to maintain up.
To deal with 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 may then be eliminated if points come up, resembling poor person opinions or suspicious on-chain exercise.
Armstrong additionally urged regulators to rethink their necessities, stating, “Regulators want to grasp that making use of for approval for each is completely infeasible at this level as effectively”.
Not too long ago, Coinbase sought clarification from a US appeals courtroom on whether or not crypto trades are categorized as securities. How did it go? Learn the complete story.
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