Brian Armstrong: "Decentralized protocols do not need to regulate" – Bits Media

The head of Coinbase Brian Armstrong believes, that decentralized default protocols are transparent and do not need to regulate, Unlike centralized platforms.

Coinbase General Director Brian Armstrong (Brian Armstrong) stated, what in relations of centralized cryptocurrency platforms should be introduced more stringent rules. At the same time, decentralized protocols should be allowed to breathe, Since open source code and smart contracts are the final form of information disclosure.

Wherein, According to Armstrong, regulatory authorities could help the industry restore confidence in it and continue to develop. However, decentralized platforms do not need this, Since intermediaries do not participate in their work, the default transparency is built into such ecosystems, Therefore, they should be left alone.

Centralized protocols need constant verification of transparency and disclosure of information, as they are controlled by certain people. Armstrong expressed hope, that the collapse of the ftx crypto -rhiza will serve as an impetus for, To adopt the relevant laws - the most risk is represented by issuers, centralized crypto -rhizas and cryptocurrency banks.

According to the head of Coinbase, The United States must start with the regulation of stable coins in accordance with the laws on financial services. Issuers must comply with the basic cybersecurity standards and establish a blacklisted procedure to comply with sanctions, Armstrong says.

Earlier, Armstrong criticized the statement of the former head of FTX Sam Bankman-Frid about, that the reason for the collapse of the exchange was an accounting error for $8 billion. In his opinion, The funds were stolen.