The Coinbase is motivating the Congress to pass the law that provides regulatory clarity for the cryptocurrency industry, arguing that the inactivity leaves consumers weak and drives innovation abroad.
In two-page statementFirzad Shirzad, Chief Policy Officer of the Coinbase, emphasized the immediate need for the infrastructure promoting innovation while protecting investors.
Shirzad highlighted that blockchain technology and digital assets provide economic opportunities, financial inclusion and innovation. However, without clear rules, developers face uncertainty, and consumers lack proper security.
“Blockchain and digital property are not just technological progresses; They open doors for financial freedom, innovation and economic empowerment, ”written by Shirzad.
He warned that the United States takes the risk of losing its leadership in blockchain technology as companies seek friendly regulatory environment abroad.
Major legislative priorities
Shirzad underlined several major priorities for law aimed at establishing a balanced regulatory structure for digital assets. The first and most important, clear definitions require which differences between securities, objects and other types of tokens. This clarity is necessary to provide certainty to both investors and developers in a fast -developed digital landscape.
Additionally, the Commodity Futures Futures of Crypto Spot Market have strong support for providing trading commission oversight, especially for major digital assets classified as objects.
The Securities and Exchange Commission should also establish certain guidelines that allow blockchain projects to raise capital without classifying each token as security. In the context of stablecoins, regulations should ensure transparency, complete backing and oversite that promote competition and innovation, preserving confidence, written by Shirjad.
Consumer security and urgency in Congress action
According to Shirzad, the effective law should be simple and accessible when integrating with existing financial rules. He argued that MPs should encourage innovation by providing a clear passage for developers for the construction of decentralized systems without unnecessary sanctions.
At the same time, centralized exchanges and mentors should be conducted for high transparency and safety standards for safety of consumers.
Shirzad also insisted that consumer protection does not mean much. Excess restrictions can drive blockchain development offshore, weaken the US economy and limit consumer access to crypto markets. Instead, Shirzad asks for a structure that protects investors by allowing DEFI and other innovations to flourish.
Shirzad warned that without Swift action, the United States would continue to fall back into the global blockchain race. Developers and businesses will look at other courts with clear policies, and consumers will be in touch with fraud and systemic failures.
Passing a comprehensive cryptocurrency law, Shirzad argued, protecting consumers, encouraging innovation responsible, and is in the United States position as a leader in the digital economy.
