Coinbase, the world’s second-largest cryptocurrency exchange by trading volume, is keen to register its two dormant broker dealers with the U.S. Securities and Exchange Commission (SEC) as long as lawmakers provide clear direction for the crypto industry, said Faryar Shirzad, chief policy officer a the exchange on Thursday.
Shirzad said on CoinDesk TV’s “First Mover” on Friday that Congress must step up to provide clear regulations for crypto platforms that issue tokens.
In contrast, Securities and Exchange Commission Chairman Gary Gensler has said the federal agency’s existing rules already provide clear regulations for crypto platforms, and that the agency’s securities laws could be applied directly to them.
Shirzad pointed out that there are many different types of crypto tokens, not all of which are securities. The debate over whether every crypto is a security or not is a very American one, he said, noting that other countries have more streamlined crypto regulation that could be more conducive to innovation.
“There’s no other country in the world that has as fragmented a regulatory system as we do,” he said, adding that the U.S. is perhaps among the only countries in the world to use two different regulatory frameworks for crypto.