The post Regulatory Clarity For Crypto: Coinbase & IEX Discuss New Partnership appeared first on Coinpedia Fintech News
In a move that could shake up the crypto industry, publicly traded cryptocurrency exchange Coinbase is in talks with Katsuyama, the Chairman of the stock exchange IEX, to create a federally approved digital asset marketplace, a report from Fox Business says. The discussions could pave the way for an exchange that receives an explicit blessing from Wall Street’s top cop, Gary Gensler.
The Initial Proposal with FTX
Katsuyama has been seeking an approved exchange even after his partnership with the founder of FTX, Sam Bankman-Fried, was scrapped following the latter’s indictment and the bankruptcy filing of FTX. Meetings took place between Bankman-Fried, Katsuyama, and SEC officials before FTX’s collapse. The FTX bankruptcy has been described as one of the biggest frauds in crypto history.
Coinbase: A New Partnership for a Regulated Exchange
The partnership between Katsuyama and Coinbase has not been reported previously, but sources with direct knowledge of the matter informed Fox Business of the talks. The potential deal could have significant implications for the digital asset market, as Coinbase is one of the largest and most recognizable crypto exchanges globally.
Like many crypto businesses, Coinbase has had a difficult year, losing $2.625 billion in the long-running bear market of 2022. Regulatory pressure and higher interest rates led to significant declines in digital assets, which resulted in a nearly $2 trillion reduction in the global crypto industry’s value. The FTX bankruptcy added to the industry’s woes, further damaging the now $1 trillion crypto market.
The creation of a federally regulated digital asset marketplace could provide the much-needed regulatory clarity and stability the crypto industry needs. Currently, the regulatory environment for digital assets is murky, and the lack of clear guidelines has led to a high degree of uncertainty for market participants.
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