Coinbase set to propose crypto framework to US officials after SEC clash

[RSRS]

Coinbase CEO and founder Brian Armstrong revealed in an interview with TechCrunch that the exchange is preparing a draft regulatory framework for consideration by federal lawmakers.

Back in June, Coinbase, the largest cryptocurrency trading platform in the US, which is actively  trying to expand its overall product offering for customers, announced its new Lend product that would enable users to earn up to 4 percent interest on selected crypto assets, but regulatory issues emerged and along came the debate. 

Gensler and Armstrong
The US Securities and Exchange Commission (SEC) threatened to sue the exchange over its new product in the announcement, claiming it constitutes a security, so Coinbase decided to shelve its plans to debut the program, after the platform’s CEO called out the agency for its lack of feedback, while publicly disclosing the details of the clash.

Recently, when asked to respond to Armstrong’s claims that the agency refused to provide clarity and threatened legal action, SEC Chair Gary Gensler chose to “take it more to the generic” and avoided directly addressing the allegations.

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