Cryptocurrency Markets Move Toward Legitimacy
Coinbase brings a big announcement with the acquisition of multiple companies to help with the legitimacy of cryptocurrencies. According to the Coinbase blog, "This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license." With this move, it's sending Coinbase into the leadership arena within the entire cryptocurrency industry. This should help the regulatory body of the SEC and other agencies in the federal government ease into acceptance of this new digital asset classes.
Furthermore, competitor to Coinbase, Circle also has been diligently working towards a United States License to be cryptocurrency broker. The company has discussed the option of becoming a licensed bank which would allow them to exchange cryptocurrency assets legally in the heavily regulated American markets.
Circle CEO Allaire tells Bloomberg: "To hold reserves with the Federal Reserve, to naively access the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks - that can improve the efficiency of what we deliver, it can reduce the costs."