Brian Armstrong, the CEO of Coinbase
$5.53B
, has known as for modifications to how his cryptocurrency alternate manages listings.
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 per week being created now, and rising”.
Armstrong believes the normal technique 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 group 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 recent tokens makes it more and more tough 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 may then be eliminated if points come up, comparable to poor consumer critiques 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 every one is completely infeasible at this level as properly”.
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 total story.
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