American cryptocurrency exchange Coinbase has charged the US government to establish a new regulatory body to govern the country’s cryptocurrency industry.
In its Digital Asset Policy Proposal published today, Coinbase says it hopes the document will spark “an open discussion” between itself and other relevant stakeholders regarding crypto’s role in the American economy.
Coinbase said the proposal was drafted after extensive consulting with experts, opinion leaders, policymakers and studying reports from other crypto exchanges.
However, it admits that high-level proposals like this one do not always transition from being a mere document to a law.
The United States Securities and Exchange Commission (SEC) and Coinbase have been locked in a cold war for a while.
SEC chairman Gary Gensler told the Senate’s Financial Services Committee that the watchdog has all the permission it needs to regulate cryptocurrencies, stating that the industry doesn’t need another regulator.
However, many (including Coinbase) believe that the regulatory efforts in and around the American crypto industry are disjointed.