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Friday, June 8, 2018

Coinbase's bold plan that could open the flood gates of Wall Street money into the cryptocurrency markets...

Pro-regulation? Anti-regulation? Does government oversight of cryptocurrency ruin it's purpose, or strengthen it?

It's a topic that divides and stirs up debate within the cryptocurrency community.  But no matter where you stand - Coinbase has made their business model clear - plan as if regulation is coming, and when needed, work with government bodies to move the company forward.

On that note Coinbase has announced what they call their "Path to listing SEC-regulated crypto securities" - basically a way to offer cryptocurrency to investors with oversight that would make  anyone who is comfortable investing on Wall Street feel comfortable investing in cryptocurrency.

In a blog post Asiff Hirji, Coinbase President & COO says:

"...we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.

There are now many types of blockchain-based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets."

If Coinbase succeeds, this may be the move that opens the flood gates of money moving from Wall Street and onto the blockchain!

The full announcement can be read here.

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Author: Oliver Redding
Seattle News Desk