Crypto Firms Brace for Regulation by Writing Their Own Rules
- Industry proposals come as White House launches broad push
- Coinbase is poised to argue for new rules for the industry
Faced with the prospect of a broad crackdown from federal enforcers, crypto firms are increasingly trying to make the argument in Washington that the old rules shouldn’t apply. To shape the debate, they’re releasing their own policy proposals that would shield them from multiple regulators and even temporarily exempt them from some regulation altogether.
The crypto industry has issued a blizzard of papers recently laying out broad principles for regulation they believe Congress and the administration should adopt. Crypto companies, investors and associations including venture capital firm Andreessen Horowitz, pro-crypto think tank Coin Center and trade groups including the Blockchain Association have all weighed in, with market giants such as Coinbase Inc. expected to weigh in soon as well.