Coinbase CEO Brian Armstrong Reveals 1 Million New Cryptocurrencies Are Created Weekly
Brian Armstrong, CEO of Coinbase, revealed that the platform now handles up to one million new cryptocurrency tokens weekly, presenting significant challenges in evaluating them for listing.
Speaking on the matter, Armstrong stressed that the traditional process of assessing each token individually is becoming impractical. He also urged regulators to recognize the difficulties posed by such massive volumes.
“It’s a great problem to have, but reviewing every single application is no longer realistic,” Armstrong stated in a recent post on X (formerly Twitter). “Regulators need to understand that expecting approval for one million tokens weekly is simply not feasible.”
Streamlining the Listing Process
To address these challenges, Armstrong proposed shifting from the traditional “add list” approach to a more efficient “block list” system. This would involve using customer feedback and automated blockchain data scans to flag problematic tokens, simplifying the listing process for legitimate cryptocurrencies.
Coinbase’s current listing process includes six rigorous steps, from the initial application review to post-listing support. However, Armstrong suggested that a more streamlined approach is necessary to keep up with the evolving crypto landscape.
Coinbase’s Rapid Growth and Regulatory Push
Founded in 2012, Coinbase has grown into one of the most prominent cryptocurrency exchanges, offering trading services for popular cryptocurrencies like Bitcoin and Dogecoin. After going public in 2022, the company now boasts a market valuation of $74 billion.
Despite its success, Coinbase and other crypto platforms have repeatedly called on governments to establish clearer regulatory frameworks for cryptocurrencies. Such clarity, they argue, is essential to ensure compliance and foster innovation in the sector.
Meme Coins and the Viral Phenomenon
The rise of meme coins has further complicated the crypto industry. Meme coins—often inspired by internet jokes or trends—have gained traction for their viral potential, with creators and influencers leveraging their popularity to drive value.
One notable example is Hailey Welch, widely known online as the “Hawk Tuah Girl.” In December, Welch launched her own meme coin, $HAWK, which briefly soared to a market value of nearly $500 million before crashing hours later. Welch defended her intentions, stating on X that the coin was never meant as a “cash grab.”
Calls for Fairness in the Industry
The lengthy approval process at Coinbase has also drawn criticism. Justin Sun, founder of the cryptocurrency Tron and former Grenada representative at the World Trade Organization, shared frustrations about his token, TRX, being under review by Coinbase for seven years.
“TRX is one of the top 10 cryptocurrencies globally, performing exceptionally well in other markets,” Sun wrote on X. “Yet, it remains unlisted by Coinbase. This reflects a loss of fairness and balanced judgment in their listing decisions.”
The Path Forward
As the crypto space continues to expand, Coinbase’s leadership emphasizes the need for innovation, not just in technology but also in regulatory and operational processes. Armstrong’s proposed shift to a “block list” system could mark a significant step in adapting to the realities of a rapidly evolving industry.
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