Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Coinbase Gears Up for Biggest-Ever Expansion of Crypto Asset Listings
Coindesk | Leigh Cuen | Sep 25, 2018
Coinbase has revamped its policy for listing new cryptocurrencies, replacing an ad hoc process with one the startup hopes will rapidly expand the range of assets traded on its exchange.
Announced Tuesday, the new system allows almost anyone to submit a cryptocurrency through an online form for evaluation under the company's digital asset framework. Those that meet the criteria may be listed, although not necessarily available right away to all Coinbase customers.
That's because listings will be added on a jurisdiction-by-jurisdiction basis, rather than supporting all assets globally as Coinbase has done up until now. As a result, some coins won't be available for Coinbase customers to trade in places where local regulations either expressly forbid them or are unclear about their legality. It's not unlike Netflix streaming certain movies in one country but not another for copyright reasons.
Previously, there was no formal mechanism to request a listing, and some organizations would reportedly lobby Coinbase to support their assets. As such, the change represents a welcome mat of sorts to crypto development teams from a company whose mainstream popularity potentially offers unparalleled exposure.
"We're now actively reaching out to asset developers with this," Coinbase CTO Balaji Srinivasan told CoinDesk. Referring to the creators of the first two digital currencies the company listed, bitcoin and ethereum, he added:
"Satoshi and Vitalik [Buterin] were not Coinbase customers. But all future and current asset creators and developers are. So it's like we're becoming a two-sided marketplace."
In this marketplace, Coinbase will charge an application fee and an additional fee to list approved assets. Srinivasan would not say how much they will be but said they wouldn't be prohibitive.
See: Coinbase ordered to give the IRS data on users trading more than $20,000
Further, the application fee is only meant to deter spam, he said, and the listing fee will cover the cost of due diligence. "We do not want that to be a burden that deters people from listing new assets with us," Srinivasan said.
In the meantime, Srinivasan confirmed Coinbase is still evaluating cryptocurrencies such as ada, lumens, and zcash, which may be rolled out globally or selectively depending on specific regulatory requirements.
Yet aside from regulatory and technical considerations, the main listing criterion for Coinbase is market demand.
"We want to make sure that our customers are there," Srinivasan said. The three big questions are "A) is it legally compliant? B) Is it technically secure and innovative? C) Do our customers want it?"
Worldwide compliance
Coinbase may be breaking ground here, as jurisdiction-by jurisdiction asset listings appear to be a rare practice among crypto exchanges.
"It's actually an approach I've been advocating for a long time," said Stephen Palley, a partner at the Washington, D.C.-based law firm Anderson Kill, who often pokes fun at crypto entrepreneurs' naivete about legal requirements.
"If you're Ford or you're Apple or you're Google and you want to sell your stuff worldwide, you actually do worldwide compliance," he said, noting that such brands tend to customize their terms of service for specific countries.
While it's "a smart play" that minimizes legal risks while allowing a company to engage in selective market testing, Palley added:
"It's a pain in the ass and it's expensive."
Indeed, putting this policy into practice is likely to add a layer of complexity to Coinbase's operations, as the company will have to make sure that customers are not trading assets that their local regulators don't allow.
See:
3 Clever Ways To Reach Crypto Price Stability, And One Giant Leap Of Faith
Whitepaper Provides Information About Cryptocommodities As The Basis For A Stable Cryptocurrency
Crypto exchanges have already faced similar challenges in preventing their sites from being accessed in U.S. states where they aren't licensed to do business.
"While geoblocking may help prevent crypto companies from inadvertently becoming subject to certain rules and regulators, even that precaution may not be enough," said Justin Steffen, a litigation partner at Jenner & Block LLP. "The New York Attorney General's recent report on crypto exchanges, for example, noted the lack of exchanges that limit VPN access."
When asked about this, Srinivasan said Coinbase "will do whatever is necessary to remain compliant with local law. This may mean using [customer identification] details in addition to or as a supplement to IP address. (I.e., enforcing restrictions based on a customer's country of residence/bank account)."
Unanswered questions
There are still many questions to be answered about how this switch will impact Coinbase users.
For instance, will moving from California to New York mean a customer loses access to assets she purchased on Coinbase? Also, if Coinbase does block VPNs, that could be a turn-off for privacy-conscious users, or, say, Americans traveling to countries like China or Iran with restricted internet service, where "tunneling" is the only way to access regularly visited sites.
Continue to the full article --> here
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Regulation | Nov 29, 2023 Elon Musk and Mark Cuban Support Legal Challenge Against SEC's In-House Judges Elon Musk and Mark Cuban are backing hedge-fund manager George Jarkesy in a significant legal battle against the Securities and Exchange Commission (SEC). This case, now before the US Supreme Court, questions the SEC's use of in-house judges for imposing penalties. Jarkesy's argument, supported by Musk and Cuban, is centered on the constitutional right of defendants in SEC cases to have a jury trial. This challenge could reshape how the SEC and potentially other regulatory bodies like the Federal Trade Commission conduct their enforcement actions. The Problems with Conflicts and Power Imbalance The problem with the Securities and Exchange Commission (SEC) using in-house judges primarily revolves around concerns of fairness, constitutional rights, and the balance of power in regulatory enforcement. Here are some key points of contention: The central issue is the SEC's ability to bring cases before its own administrative law judges (ALJs) instead of federal courts. Critics argue that this denies defendants the constitutional right to a jury trial, which is seen as a fundamental aspect of the American legal system. There's a perception that in-house judges may be biased in ...
Nov 29, 2023 Nowadays environmental concerns have reached critical levels, that’s why sustainable construction practices have emerged as a beacon of hope. These practices not only help protect our planet but also offer numerous advantages to homeowners and builders alike. In this article, we will dig into the methods and merits of sustainable construction. Methods of Sustainable Construction Here are some key principles and methods integral to sustainable construction: 1. Energy Efficiency One of the foundational pillars of sustainable construction is ensuring that homes are constructed with energy efficiency and environmental sustainability at their core. This is where the auditing platform for home renovation grants comes into play. Such platforms provide valuable resources and support to homeowners and builders who are committed to accessing grants and incentives for sustainable construction projects. Sustainable construction places a strong emphasis on optimizing energy usage. Lighting serves as a crucial component of any building, and the choice of lighting fixtures holds the potential to dramatically impact energy efficiency. LED lights have emerged as the go-to choice for sustainable construction due to their myriad of benefits. LED lights are remarkably energy-efficient, consuming significantly less electricity compared to traditional incandescent or fluorescent bulbs. This substantial reduction ...
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