No Need For New Crypto Regulation, Coinbase Says

Coinbase's Chief Lawyer considers that the federal government has all the necessary powers and mechanisms to regulate the crypto-currency industry
15 March 2018   900

At a hearing in the US Congress, the chief lawyer of the American company Coinbase, Mike Lempres, said that the federal government has all the necessary powers and mechanisms to regulate the crypto-currency industry, and there is no need to create a new department. This is reported by Forbes.

Nevertheless, Lempres noted that the authorities should determine what powers each supervisory authority has over the industry, since Coinbase already reports to the Securities and Exchange Commission (SEC), and to the Commodity Futures Trading Commission (CFTC) and before the Federal Trade Commission, and before the Federal Trade Commission and the Financial Crimes Enforcement Network (FinCEN). In addition, the company also must comply with the requirements of licensing authorities in 38 states.

Each regulator, according to Lempres, must choose a specific direction in the crypto-currency sphere and take it under control.

Today’s environment calls to mind the parable of the blind mice and the elephant - each agency looks at tokens from its own narrow perspective:

  • the SEC says these assets, particularly ICO’s, are probably securities;
  • the CFTC says tokens are commodities, unless they are securities;
  • the IRS says they are property;
  • FinCEN says tokens are money; and
  •  other agencies see tokens through their own lens.

Mike Lempres

Chief Lawyer, Coinbase

Lempres also explained why only Bitcoin, Litecoin, Ethereum and Bitcoin Cash are traded on GDAX. The reason is that these digital assets are not exactly securities, for which Coinbase does not have a licence. The list of available crypto-currencies is limited, since there is a risk that the Khovi test can assign the status of securities to other tokens.

Congressman from the Democratic Party of California Brad Sherman in response to the demands of a representative of Coinbase said that crypto-currencies can not be securities or goods, because it is fraud.

Coinbase to Launch Services for Newbie Traders

Coinbase Bundle, Coinbase Asset Pages and Coinbase Learn are designed to "help people understand, explore, and buy their first cryptocurrency"
28 September 2018   301

The leading US cryptocurrency exchange Coinbase, has introduced several services for novice users.

Coinbase Bundle allows to invest in several crypto assets, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. At the same time, the specific weight of each currency in the user's portfolio is formed in accordance with the share of these assets in the market. The minimum investment in the Bundle is only $ 25.

Coinbase Bundle Service
Coinbase Bundle Service

The update is positioned by Coinbase as a convenient tool to acquire all five of the listed cryptocurrencies without having to create a separate order for each coin.

The platform will be used by users of the platform from the US, EU countries and Great Britain. The commission for the acquisition of Bundle is 1.5%.

Also, the company introduced the Coinbase Asset Pages service, which displays information on 50 leading crypto-currencies, including their market capitalization, the current price and its changes, as well as links to relevant information sources.

Coinbase Asset Pages
Coinbase Asset Pages

Coinbase Asset Pages is available to everyone and is not limited to the user base of the company.

In addition, the company introduced the educational service Coinbase Learn, designed to familiarize users with the basics of working with crypto-currencies.