Cryptocurrency is already a “regulated industry” in the United States, says Coinbase CEO

The CEO of the cryptocurrency exchange platform, Coinbase, Brian Armstrong discussed the U.S regulation for cryptocurrency, during the 2018 Disrupt conference.

During the conference, Brian was asked about his stance on cryptocurrency regulation in the United States given the fact there has not been a new law since the Securities Act of 1993 and 1994.

Brian said:

“Yes, I don’t think there will ever be a moment where its like, now, we have cryptocurrency regulation because cryptocurrency has now branched out to be so many things, you know, its money, its potentially stocks or securities, its commodity, its property and then that’s just in the U.S”

He continued to say that cryptocurrency is a global phenomenon and that every country has a different perspective on it. According to him, cryptocurrency is already a “regulated industry” in the United States.

Brian stated that Coinbase is one of the few companies in New York to get a Bit license and the platform is regulated as a money transmitter in several states. He said that the next stage is the progression stage which would probably give some clarity on the new tokens which are being created that are raising money.

Moreover, Brian said that the ICOs is probably the next version of the entire stock market. He said:

“I think in five years, most startups that are created will have some kind of, at least teach startups, will have some kind of token associated with it because that’s just how you value around on the internet now.”

Brian continued to say that, as of now, it is unclear whether these tokens are classified as commodities or security. Although he does not have an opinion on it, Brian thinks that it is their [cryptocurrency firms] responsibility to be an “educational resource” to the regulatory bodies and work with them in order to shape the regulation.

The CEO of Coinbase further spoke about tech companies adding their token on the platform since they recently acquired a broker-dealer. He explained that the firm acquired the broker-dealer because they feel that a subset of tokens will be securities.

Brian said:

“So, I think that’s certainly one of our goals. And, you know, I could imagine a future where companies come to Coinbase to, you know, issue their token and get in onto our exchange where we have all this liquidity and people trading.”

After which, Brian was questioned on how the platform is planning on adding more tokens in the future without having a massive impact on the price. He said that Coinbase will eventually get there because there are going to be hundreds of token within the next few years.

He said:

“…any company out there … they should have their own token, every open source project, every charity… these new types of decentralized organizations, these new types of decentralized apps, they’re all going to have their own tokens.”

Brian said that Coinbase wants to be the bridge all over the world where people can get different cryptocurrencies with their fiat.

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