- Coinbase CEO Brian Armstrong says it has 1 million new tokens listed weekly.
- He said regulators need to know that it is not “possible” to evaluate every application.
- Armstrong suggests a shift to a “block list” of cryptographic lists to simplify the process.
Coinbase’s CEO says a million new cryptocurrencies are created on the platform every week, and they’re all harder to value.
Coinbase is a popular cryptocurrency trading platform that has allowed users to trade cryptocurrencies like Bitcoin and DogeCoin since 2012. The company has seen massive growth since going public in 2022 and is now valued at $74 billion.
Coinbase, like all cryptocurrency exchanges, uses an ordering process for new coin listings that rates the coin based on the company’s digital asset framework.
“A high-quality problem should be, but evaluating each one one by one is no longer possible,” Coinbase CEO Brian Armstrong wrote in a post on Sunday. “And regulators need to understand that applying for approval for every one is not quite possible at this stage either (they can’t do 1 million a week).”
Coinbase and other leading crypto companies have urged the federal government to clarify cryptocurrency regulations to ensure they can remain compliant.
However, the industry is optimistic, with the arrival of President Donald Trump, who has made crypto promotion a major part of his agenda. Trump even launched his own meme coin shortly before his inauguration. His wife, Melania Trump, quickly followed suit.
The number of MEME coins in circulation has increased in recent years. These are cryptocurrencies that are sometimes based on an internet meme or the result of a joke but are always designed to go in the hope of increasing their value.
Anyone can create a meme currency online. If it goes viral, it may gain the creator, who is often the largest investor, which is big. Influencers have discovered, and they often leverage their followers to profit.
Hailey Welch, known to most online as “Hawk Girl Tuah,” made headlines in December after she launched her own meme coin, $Hawk. The coin’s total market capitalization rose to nearly $500 million before collapsing just hours later. Welch told Fortune at the time that the coin was not meant to be a “cash grab.” in After on xWelch said her team did not sell any coins.
Armstrong said it’s time to rethink Coinbase’s listing process, calling for regulation of the crypto listing process to move from “add listing” to a “block listing” that uses customer reviews and automated scanning of blockchain data to aid the process.
According to the company’s website, CoinBase’s current listing procedure is a six-step process that requires a review request, an initial review, additional “due diligence” analysis, notification to complete the analysis, listing and post-listing support.
Justin Sun, Grenada’s former representative to the World Trade Organization and founder of the cryptocurrency company Tron, said in a post about X that the cryptocurrency had been under review at Coinbase for seven years. Sun said that Tron is one of the top 10 cryptocurrencies in the world, and has performed well in other markets, but has never passed through the Coinbase listing process.
“Will Coinbase eventually list TRX after it debuts on the NYSE and NASDAQ, or will they never list it at all?” Sun Books. “This has nothing to do with TRX itself but reflects Coinbase’s loss of fairness and industry judgment when it comes to new listings.”
