Coinbase CEO Brian Armstrong says that the cryptout change will have to think about how it lists new coins for trading given the endless stream of new symbols created.
Posts on the social media platform X, Armstrong says There is too many coins carry out correct evaluation and applying regulatory clarity to them on an individual basis is now “completely impossible.”
“We have to think about our listing process at Coinbase given that there are ~ 1 million tokens a week that is created now and is growing. High quality problems to have, but to evaluate each by one is no longer feasible. And the supervisory authorities must understand that the application for approval for each is completely impossible at this time as well (they cannot make 1 million a week).
It must move from a permissive list to a block list and use customer reviews/automated scans of data on the chain etc. to help customers strain through.
That and we continue to integrate Native Dex (decentralized exchange) supports deeper. Customers should not have to know or care about trade in a Dex or CEX (centralized exchange). “
According to CoinBase.com there are 271 assets available for trading, but the number of tokens created every day sky rocketing exponentially.
Coinbase -Director Conor Grogan reports That the crypto gym is about to have at least 100 million tokens in circulation at the end of the year.
Armstrong too allowed Last week, Coinbase was captured by the explosion of Memecoins at Solana (Solar), which bogged down Blockchain and made it difficult for the exchange to treat withdrawals.
“The team is working hard to scale our Solana Infra now – lots of Solana activity in recent days, we did not foresee this level of over -voltage …
It is a scaling challenge to keep up with the activity on the Solana chain (which increased recently), not solvency. Customer funds are 100% supported and are regularly reviewed by Deloitte. The team works hard to solve it. “
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