According to the Wall Street Journal, the cryptocurrency exchange Coinbase plans to issue a crypto regulation proposal, recommending Congress establish a special regulatory agency for digital assets and create a registration procedure for crypto companies. 

the exchange also proposed the establishment of a self-regulatory organization (SRO) for the crypto industry.

The proposal puts forward four "regulatory pillars" to guide this process: regulating digital assets under an industry-specific framework, creating the new regulator, establishing fraud protections and disclosure requirements for crypto businesses, and promoting interoperability.

Earlier this month, SEC Chairman Gary Gensler told members of the House Financial Services Committee that the SEC has all the powers required to regulate cryptocurrencies. He said: "We don’t need another regulator."

By Mary Liu