Coinbase CEO says 1 million new coins are listed weekly on the platform
- Brian Armstrong, CEO of Coinbase, says he has 1 million new tokens listed weekly.
- He said regulators need to know that it is not “possible” to evaluate every application.
- Armstrong suggests switching to a “blocklist” for cryptocurrency listings to simplify the process.
Coinbase CEO says that 1 million new cryptocurrencies are created on the platform every week, and it is becoming difficult to value them all.
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 application process for new coin listings that evaluates the currency based on the company’s digital asset framework.
“A high-quality issue, but evaluating each one individually is no longer possible,” Coinbase CEO Brian Armstrong wrote in a post on X on Sunday. “And regulators need to understand that applying for approval for each is not possible at all at this stage either (they can’t do $1 million a week).”
Coinbase and other leading cryptocurrency companies have urged the federal government to do so Clarifying cryptocurrency regulations To ensure they can remain compliant.
However, the industry is optimistic with the arrival of President Donald Trump, who has made promoting cryptocurrencies a key part of his agenda. Trump even He launched his own meme coin Shortly before his inauguration. His wife, Melania Trump, quickly followed suit.
The number of coins in circulation has increased in recent years. These are cryptocurrencies that are sometimes based on internet memes or the result of a joke but are always designed to spread in the hope of increasing their value.
Anyone can create a meme currency online. If the virus spreads widely, the creator, who is often the largest investor, could gain a windfall. Influencers have caught on now more often Take advantage of their followers To benefit.
Hailey Welsh, known online as the “Hawk Toah Girl,” made headlines in December after she launched her own cryptocurrency, $HAWK. The coin’s total market capitalization rose to nearly $500 million before collapsing just hours later. Welsh told Fortune at the time that the coin was not intended to be a “cash grab.” In a Share on XWelch said her team did not sell any coins.
Armstrong said it was time to “rethink” the listing process at Coinbase, calling for regulation of the cryptocurrency listing process to move from an “add list” to a “block list” that uses customer reviews and automated scanning of blockchain data to aid the listing process. practical.
According to the company’s website, Coinbase’s current listing procedure is a six-step process that requires a review request, initial review, additional “due diligence” analysis, notification to complete the analysis, listing, and post-listing support.
Justin Sun, Grenada’s former representative at the World Trade Organization and founder of the cryptocurrency Tron, said in a post on X that his cryptocurrency had been under review at Coinbase for seven years. Sun said Tron is one of the top 10 cryptocurrencies in the world and has done well in other markets, but has never gone through the Coinbase listing process.
“Will Coinbase eventually list TRX after it debuts on the NYSE and NASDAQ, or will it never list it?” Sun Books. “This has nothing to do with TRX itself but rather reflects Coinbase’s loss of the most basic fairness and industry judgment when it comes to new listings.”
