Brian Armstrong, the CEO of Coinbase
$5.92B
, has referred to as for modifications to how his cryptocurrency change manages listings.Â
In a January 26 publish 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 technique 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 obtainable to customers.
Armstrong acknowledged that whereas this course of has labored prior to now, the sheer quantity of latest tokens makes it more and more tough to maintain up.
To deal with this, he proposed a brand new technique. As an alternative of reviewing tokens earlier than itemizing them, Coinbase would enable all tokens by default. Tokens may then be eliminated if points come up, comparable to poor person critiques 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 every one is completely infeasible at this level as effectively”.
Just lately, Coinbase sought clarification from a US appeals court docket on whether or not crypto trades are labeled as securities. How did it go? Learn the total story.
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