Coinspeaker
Coinbase Calls for Proactive Regulation amid Stablecoin Crackdown
American publicly traded digital currency trading platform, Coinbase Global Inc (NASDAQ: COIN) has come out to advocate for more proactive and functional regulation in the digital currency ecosystem. The trading platform took to its official Twitter handle to lament the regulation-by-enforcement approach of the United States Securities and Exchange Commission (SEC) on major crypto players.
According to Coinbase, the crackdown on Paxos Trust, the issuer of the Binance USD (BUSD) stablecoin creates a negative uncertainty that is not ideal for the industry. Coinbase said while it does not understand what aspect of the BUSD issuance the SEC is concerned about, it said it is certain stablecoins are not securities.
“This week the NYDFS ordered US-based Paxos to stop issuing US dollar-denominated stablecoin BUSD and the SEC issued a Wells notice to Paxos. We don’t know what aspects of BUSD might be of interest t
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