Mark Mason
Well-known member
Coinbase Says No New Regulator Needed
Last week, Coinbase issued a written testimony to the US congress stating that no new regulatory authority is needed and that “federal regulators already have sufficient authority.”
Coinbase instead insisted that greater coordination among regulators and communication with consumers is needed. Mike Lempres, the chief legal and risk officer at Coinbase detailed how each agency sees cryptocurrencies “through their own lens.” He called out the fact that the “SEC says [cryptocurrencies are] assets, particularly ICO’s, are probably securities; the CFTC says tokens are commodities, unless they are securities; the IRS says they are property; FinCEN says tokens are money”. In his testimony, Lempres related this to the parable of the “three blind mice and the elephant”, although he probably meant the three blind men and the elephant, whom each of the three inspected the large elephant from such a narrow view that they all mistook the animal for something other than an elephant. He said it is important for exchanges and consumers to know where one regulatory authority ends and another begins.
Read more: https://www.dashforcenews.com/coinbase-says-no-new-regulator-needed/
Last week, Coinbase issued a written testimony to the US congress stating that no new regulatory authority is needed and that “federal regulators already have sufficient authority.”
Coinbase instead insisted that greater coordination among regulators and communication with consumers is needed. Mike Lempres, the chief legal and risk officer at Coinbase detailed how each agency sees cryptocurrencies “through their own lens.” He called out the fact that the “SEC says [cryptocurrencies are] assets, particularly ICO’s, are probably securities; the CFTC says tokens are commodities, unless they are securities; the IRS says they are property; FinCEN says tokens are money”. In his testimony, Lempres related this to the parable of the “three blind mice and the elephant”, although he probably meant the three blind men and the elephant, whom each of the three inspected the large elephant from such a narrow view that they all mistook the animal for something other than an elephant. He said it is important for exchanges and consumers to know where one regulatory authority ends and another begins.
Read more: https://www.dashforcenews.com/coinbase-says-no-new-regulator-needed/