As his trade wars to keep up with the influx of new currencies, Brian Armstrong is calling for regulatory freedom.
The Coinbase CEO stated that about one million currencies are now being launched each week on X, which was previously Online, making it impossible to evaluate each one individually.
Armstrong confirmed the software is going over its listing criteria, which requires that digital assets be thoroughly checked before being made accessible.
At current, he said, a focused group is responsible for assessing currencies against legal, compliance and technological safety standards.
Armstrong wants to change this approach, which may mean that all tokens would be permitted by default and that projects would be blocked from projects based on negative reviews or controversial on-chain data in the future.
Authorities should be aware that getting approval for each one is completely infeasible at this point as well, he wrote.
Not all bitcoin professionals agree with Armstrong’s approach. Danny Scott, CEO of the British, Bitcoin-only change Coin Corner, replied to request:” At what point do you people need a gaming license”?
Expanding upon what he meant, Scott told :” It’s Coinbase admitting they just want to record everything and anything, no maintenance for the value, no maintenance for their clients getting durable, knowing that chars all pattern down against Cryptocurrency over the years”.
He doubled down on the betting assessment, too.
” It’s literally gambling at this point, and Coinbase wanting to record more is just heightening the problem,” Scott said.” There is now more expertise in picking a horses at the races than choosing which image token may pump future,” he continued.
Prominent crypto critic Peter Schiff also piled in on X, telling Armstrong:” So much for the idea of ‘ limited supply.’ The rate of digital token inflation is outrageous. Nearly all of these tokens are essentially identical to Bitcoin in all the ways that really matter, including a hard cap on their individual supply.
The groundswell of tokens hitting the market has raised fears that “altseason”, which sees smaller cryptocurrencies outperform Bitcoin, may fail to materialize.
As per the findings of on-chain analyst Ali Martinez, there are now more than 36.4 million altcoins, up from fewer than 3,00 during the renowned bull run in late 2017 and early 2018.
” With such massive supply, the market has changed significantly”, he wrote.
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