Coinbase CEO Expresses Concerns Over Crypto Tokens Flooding Market

Coinbase Ceo Brian Armstrong has raised Concerns about the Rising Number of Crypto Tokens Flooding The Market. In a post on x Sunday, Armstrong Claimed One Million Crypto Tokens WEing Created on a Weekly Basis. With the massive influx of new tokens, he said, evaluating each token was no longer feasible. As per coinmarketcap, over 10.19 Million Crypto tokens are currently in circulation.

ArmstrongWho co-founded Coinbase in 2012, said the flooding of crypto tokens into the market had a problem. He also noted that regulators needed to put in place a blocking system for tokens that have not applied for regulatory approvals.

“Regulators need to understand that applying for Approval for Each One is Totally Infeasible at this point as well (They can’t do 1m a week). It needs to move from an allow list to a block list, and utilize customer reviews/automated scans of on -chain data etc.

Coinbase said Last week it represented over $ 3 trillion (roughly Rs. 2,59,10,248 Crore) in Market Cap. According to its websiteThe exchange does its du diligence before listing tokens on its platform. It takes votes on which assets get to be listed from its internal Asset Support Group (DASG) What also also also also also also Assessing tokens tokens tokens tokens tokens tokens tokens tokens tokens tokens tokens tokens tokens toke

The coinbase chief was recently at davos, switzerland, for the world economic forum. Summarizing His key takeaways from the event, he said corporate leaders, banks, asset manners, and payment service firms firms Had made it clear they were increased engines in crypto. Armstong has thus highlighted the need for smarter rules that can make the crypto sector safer on a priority basis.

He has also noted that the return of Donald Trump as the President of the us has forced ‘everyone to up their game’.

“There are going to be more players and competition than ever in Crypto and we Welcome it all. We needs crypto to update the entry Global Financial System to Bring These Benefits to Everyone, ”Armstrong Said.

Given the Projected Growth Margin for the Crypto Sector, Regulators in Several Parts of the World are putting safety measures for the stakeholders in place. The crypto sector is still impacted by Micro or Macro developments Around International Politics and Financial Developments, Among other factors.

In India, for instance, the government is yet to release a comprehensive set of regulations to oversee crypto. Meanwhile, Industry Bodies are Taking up the Task of Deplying Certain Parameters to Ensure That The Sector is Protected Against Scams Like Rug Pulls and Explusion.

In April Last Year, The Bharat Web3 Association Laid Down Some rules For Crypto Exchanges to Follow While Considering The Listing of New Tokens on their Platforms. Based on the ‘Plan, Execute, Check’ (PEC) Framework, These Guidelines Direct All Crypto Exchanges to become primary screeners for new tokens looking to get listed and estee Pipeline to be listed for public engine .