Coinbase Founder and CEO Brian Armstrong attends Consensus 2019 at the Hilton Midtown on May 15, 2019 in New York City.
Steven Ferdman | Getty Images
The U.S. should create a new regulator to oversee digital asset markets, Coinbase said in a new policy proposal released Thursday. It warned that failure to regulate appropriately could leave the country even further “behind” other governments.
The proposal comes a day after one of its investors, venture capital firm Andreessen Horowitz, released its own vision of how next-generation internet services including blockchain and digital assets should be regulated. Executives from a16z, as the firm is known, planned to meet with leaders across the government this week.
Coinbase’s vision overlaps with Andreessen Horowitz’s but includes some nuanced differences and focuses more closely on digital assets. While a16z advocated for collaboration across regulatory agencies, Coinbase said in its policy report that there should be just one regulator for digital asset markets.
Coinbase Chief Policy Officer Faryar Shirzad told CNBC his team deliberately wanted to put out a bold plan to spark discussion.
“We started where a lot of people start, which is taking the existing multiplicity of regulators and trying to figure out what minimal surgery you could do to make things work,” Shirzad said. “And then there was a point at which, maybe three to four weeks ago, where we just kind of looked at each other [and] we said it takes more effort to try