Summary
- Coinbase announced that it has demanded the US SEC to define cryptocurrencies as 'digital commodities' and exclude stablecoins from its jurisdiction.
- Former SEC Chairman Gary Gensler has argued that most cryptocurrencies are securities, and in response, Coinbase has stated that clear regulation is needed.
- Coinbase's Chief Policy Officer emphasized that they will continue discussions with the SEC to ensure that cryptocurrency market participants receive clear guidelines.
Cryptocurrency exchange Coinbase has demanded clarification on cryptocurrency regulation from the US Securities and Exchange Commission (SEC).
According to The Block on the 20th, Coinbase recently submitted recommendations related to cryptocurrency regulation to the SEC. Coinbase argued through the recommendations that cryptocurrencies should be defined as 'digital commodities' rather than securities. According to Coinbase, digital commodities include network tokens, non-fungible tokens (NFTs), and meme coins.
Coinbase also argued that stablecoins should be excluded from the SEC's jurisdiction. Former SEC Chairman Gary Gensler has maintained that most cryptocurrencies are securities and should be supervised by the SEC.
Faryar Shirzad, Coinbase's Chief Policy Officer (CPO), said, "What we have consistently demanded from the SEC is to provide clarity to market participants and allow stakeholders to participate in the discussion process," adding, "We hope that the industry's voice will be reflected in the process of determining regulatory direction."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
