No, the SEC requires cryptoassets to slot perfectly into existing regulation, making it de-facto impossible for any public-ledger-based-securities exchange to operate. I cover that in my comment here:
Contrast that with the proposed UK law, which applies existing regulations in a commonsense way while realizing ones and zeroes in a public ledger behave fundamentally differently than the legal contracts they're used to regulating, and that those ones and zeroes absolutely, categorically cannot do certain things that 1930s laws might ask of them.
> This is probably more "clarity" than Coinbase wants.
Two months after the crypto bill was proposed, Brian Armstrong publicly stated (at a conference in London) that the UK's system is better for Coinbase than the US's system in the sense that there is one regulator providing clear guidelines (FCA) rather than two regulators squabbling over jurisdiction (SEC and CFTC).
He said: "You don't have this unfortunate thing happening where the CFTC and the SEC are having a turf battle. We actually have contradictory statements from the heads of the CFTC and the SEC coming out almost every few weeks. How's a business going to operate in that environment? We just want a clear rulebook."
So Coinbase has come out explicitly, emphatically, saying that the UK's crypto bill is exactly the level of clarity that they want.
> All this is close to what the SEC requires.
No, the SEC requires cryptoassets to slot perfectly into existing regulation, making it de-facto impossible for any public-ledger-based-securities exchange to operate. I cover that in my comment here:
https://news.ycombinator.com/item?id=36303345
Contrast that with the proposed UK law, which applies existing regulations in a commonsense way while realizing ones and zeroes in a public ledger behave fundamentally differently than the legal contracts they're used to regulating, and that those ones and zeroes absolutely, categorically cannot do certain things that 1930s laws might ask of them.
> This is probably more "clarity" than Coinbase wants.
Two months after the crypto bill was proposed, Brian Armstrong publicly stated (at a conference in London) that the UK's system is better for Coinbase than the US's system in the sense that there is one regulator providing clear guidelines (FCA) rather than two regulators squabbling over jurisdiction (SEC and CFTC).
He said: "You don't have this unfortunate thing happening where the CFTC and the SEC are having a turf battle. We actually have contradictory statements from the heads of the CFTC and the SEC coming out almost every few weeks. How's a business going to operate in that environment? We just want a clear rulebook."
So Coinbase has come out explicitly, emphatically, saying that the UK's crypto bill is exactly the level of clarity that they want.