Brian Armstrong, the CEO of Coinbase
$5.31B
, has known as for modifications to how his cryptocurrency trade manages listings.
In a January 26 put up on X, he highlighted the overwhelming variety of new tokens being launched—round a million every week. He stated, “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 standard technique of reviewing tokens individually is now not sensible.
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At the moment, Coinbase makes use of an in depth vetting course of for itemizing new tokens. A devoted crew evaluates every digital asset to make sure it meets authorized, compliance, and safety requirements earlier than being made accessible to customers.
Armstrong acknowledged that whereas this course of has labored prior to now, the sheer quantity of latest tokens makes it more and more troublesome to maintain up.
To handle this, he proposed a brand new technique. As a substitute of reviewing tokens earlier than itemizing them, Coinbase would enable all tokens by default. Tokens may then be eliminated if points come up, equivalent 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 effectively”.
Not too long ago, Coinbase sought clarification from a US appeals court docket on whether or not crypto trades are categorized as securities. How did it go? Learn the total story.
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