Coinbase’s chief officer shared his opinion to include some new changes in the FSB’s global crypto regulation framework.
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. This agency also proposed a global regulatory framework for the perfect regulation of cryptocurrencies, to prohibit the illegal use of the decentralised nature of cryptocurrencies. FSB will reveal the full form of its crypto regulation framework in the next few months.
Faryar Shirzad, chief policy officer at Coinbase exchange, penned to suggest some recommendations for the FSB & also suggested several key areas of focus, to make the global crypto regulation framework better.
Shirzad pointed out that FSB is not fully clear with the term “stablecoin arrangement” and said that this term will include multiple activities like miners, decentralised code developers, wallet developers, stakers, etc, which should not be covered under the regulatory framework as a financial services provider.
Coinbase’s chief policy officer also explained that miners, developers & stakers don’t hold other people’s funds & also they don’t facilitate financial transactions, instead they only provide support to the blockchain technology to gain better potential & significant trust of the data in the network under a decentralised ecosystem.
Shirzad further added:
“FSB should exclude from the scope of a ‘stablecoin arrangement’ any validators, block builders, relays, pool operators, and other blockchain technology infrastructure providers who have no involvement of any kind in a stablecoin arrangement other than to support the blockchain network on which a stablecoin may operate.”
Coinbase official also suggested FSB focus on Defi (decentralised finance) sector innovations as an important thing, instead of degrading the interest of people through strict policies.
Read also: FTX will collect all donated funds back