Brian Armstrong draws blueprint for regulatory protocol in crypto

Last Updated on 1 hour by John Piper

Brian Armstrong, Coinbase’s CEO, advocates for tighter regulations on centralised cryptocurrency exchanges. He adds that he believes decentralised platforms should not be subject to the same regulatory pressures.

Armstrong posted a blog post on Coinbase describing how he envisions regulation in the industry working to reestablish confidence after the crash. Armstrong writes that clarity in regulation is an important step to ensure all parties, including government officials and authorities, as well as exchanges and users are on the same page.

“[It] will require all of us to move forward together as customers, policymakers, regulators and companies. Instead of waiting for a complete and perfect .”</em, we should seek wins that are relatively simple, quickly, and pass new legislation.

Armstrong explains that the steps to accomplish this include creating clear regulation of centralised platforms, including legislation around stablecoins exchanges and custodians as well as commodities and securities, as well as establishing an equal playing field to ensure that no malicious entities have room to act.

Armstrong is adamant that decentralised protocols and platforms should be allowed to invent without the oversight of central authorities. Armstrong notes that decentralised protocols such as smart contracts have put customers and users in a position that trust is unnecessary. Self-custody wallets allow users to store their cryptocurrency and rely on the technology for safety and security.

First, self-custodial wallets let customers store their crypto in a safe place where they can trust no one else. Multi-party computation and social recuperation will allow anyone to store their crypto safely without having to trust others .”

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