This is optimistic, it would require traditional financial service regulators like the SEC to ceed power to a new agency. That's very unlikely to happen. Most of the regulatory institutions in America work to increase their power not hand it off to a new agency. We see this in coinbases own fight with the SEC and other agencies about who regulates yield earning stablecoins.
Probably, but for Coinbase to even manage to steer the conversation in this direction it’s a victory. They are the best positioned in the industry to even attempt it and if they’re rejected they are first in line to provide the infrastructure.
Have they steered the conversation at all, though? From Bloomberg:
> “There’s trading venues and lending venues where they coalesce around these, and they have not just dozens but hundreds and sometimes thousands of tokens on them,” Gensler said Monday at the Code Conference in Beverly Hills, California. “This is not going to end well if it stays outside the regulatory space.” [1]
Coinbase already got a Wells notice, and whined about the SEC being "sketchy" as a result. [2]
I really don't think this conversation is moving in their favor in the actual regulatory circles.
