The chief Coinbase (CPO) policy official asked American legislators to establish a solid regulatory framework that benefits the cryptographic industry and American investors, suggesting six key priorities for user protection and sector development with clear regulations.

Coinbase calls Congress to unlock the potential of the industry

CPO Coinbase, Faryar Shirzad, common On Wednesday, a blog entry calling on the US Congress to quickly act on cryptocurrency regulations, stating that the time has come to move away from unwanted legislation that harmed the potential of the industry in the USA.

He pointed out that the lack of regulatory transparency created an unfavorable, uncertain and risky environment for innovators and consumers, which requires modern regulatory framework “unlocking blockchain potential while securing society.”

Shirzad suggests that Congress must design cryptographic legislation, which allows developers to build, protects customers through selection, supports participation in blockchain economy and creates handrails for centralized intermediaries.

Shizard on why Congress should act swiftly. Source: Coinbase

CPO Coinbase believes that Congress, under a modern cryptocurrency cordial administration, has the opportunity to “introduce thoughtful regulations that ensure transparency to innovators and companies, while protecting consumers.”

To achieve a balance between innovations and protection, Shirzad advises Congress to keep straightforward and intuitive rules, making them straightforward and available to everyone. In addition, legislators should easily integrate cryptocurrency legislation instead of “discovering a circle” and disturbing the existing framework.

He added that the protection of decentralized finances (DEFs) and digital trade was crucial, because these most state-of-the-art areas of innovation should remain free development without unnecessary restrictions. In addition, Congress must focus on protecting investors, while avoiding exceeding, which can enhance innovations at sea.

Congress should determine the priorities of clear definitions

Shirzad outlined six key priorities for the Congress to ensure clarity and customer protection. First of all, American legislators should explain the definition of digital assets, distinguishing between securities, goods and other types of tokens.

Secondly, CPPO Coinbase believes that Congress should grant the Spot Trade in goods (CFTC), because digital assets, such as Bitcoin and Ethereum, are goods instead of securities. According to CFTC’s post, it should be encouraged to supervise the cryptographic point market, ensure transparency and protecting clients against fraud and manipulation.

Meanwhile, Shirzad proposed the Congress of the United States, should direct the Securities and Stock Exchange Commission (SEC) in order to create principles enabling responsible collecting funds, noting that developers “need bright paths to collect capital for blockchain projects, without every token treated as security.”

Other key priorities are the establishment of the Stablecoin framework, which provide fully supported and see-through, as well as protecting DEFs and digital trade, including DEFI protocols, clever contracts and NFT platforms.

Finally, Shizard believes that Congress must provide brightness with centralized entities. He suggested that centralized platforms, that care of care users should be regulated to ensure responsibility and ensure trust with clients.

Post on the Coinbase blog appears among the company’s efforts about searching for regulatory clarity in the USA. The cryptographic exchange has recently sent a letter to US regulatory bodies, asking for transparency of cryptographic banking barriers.

The stock exchange called on American regulatory authorities to confirm whether banks can offer services to cryptocurrency companies. Shirzad explained that “they are very largely the view that we need a comprehensive ecosystem to support the cryptographic economy”, adding: “a wide range of cryptographic economy is beneficial.”

Bitcoin (BTC) trades at $97,570 in the one-week chart. Source: BTCUSDT on TradingView

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