Make Crypto Trading in Banks Easier: Coinbase Urges

Coinbase has been pestering the US banking regulators for a long time to clarify their stance on cryptocurrency services. Banks must get the benefit of crypto transactions. Coinbase commits that banks will get better benefits when they provide crypto storage alongside crypto trading options through their platform.  

How Coinbase Appealed 

Coinbase is not happy with the way the Comptroller of the Currency is making their move. Their recent policies restrict banks from offering crypto services to customers. 

Due to policy protocols, banks have to go through the burden of tumultuous application processing materials. Till such guidelines exist, it would be difficult for banks to directly participate in the crypto asset trading business.  

What do banks need?  

Firstly, banks need more transparent and autonomous regulatory guidance. Therefore, they can easily collaborate with any third-party provider at will. Consequently, it would be easier for them to offer exchange and crypto trading services.  

Coinbase requested interference from the Federal Reserve and the FDIC at the same time. When both bodies support the chartered banks to initiate cryptocurrency transactions, execution management, and crypto custody outsourcing would be easier and better.  

Mistakes of US Bank Regulators 

For the first 10 years, the bank regulators have been preventing banks from dealing in crypto. Coinbase questions that, calling the rules non-democratic. Last week, Faryar Shirzad, Coinbase CPO, stated how banks could benefit if more transparent regulations were there.  

Stalking crypto is politically incorrect.  

The crypto industry played a crucial role by helping Donald Trump revive his seat in the White House. Notably, millions of dollars went in the form of investments from this industry into Donald Trump’s initiatives. The new administration took to cryptocurrency regulation as its prime objective.  

However, most crypto analysts state that the government is overreaching and there is a lack of regular working autonomy. 

The regulatory bodies respond.  

In January the United States Security and Exchange Commission created their task force for testing a regulatory framework. The framework was launched with the motive of accommodating crypto assets on the exchange.  

People were expecting Trump to be such a characteristic crypto president.  

That said, the regulators can modify the take of US policies on any kind of digital currency. Bankers in the US could not take calculated risks so far.  

They were cautious of the loopholes of cryptocurrency. But it’s time that all investors take charge and be more fluent in handling crypto.