Coinbase CEO calls for token listing overhaul after Trump and Melania coin backlash

Coinbase CEO Brian Armstrong has called for a extremist overhaul of the exchange’s token listing process, citing the overwhelming gait of caller token creation.

In a tweet, Armstrong revealed that astir 1 cardinal tokens are being created each week, making Coinbase’s existent valuation process unsustainable.

He suggested shifting from an allowlist to a blocklist approach, utilizing lawsuit reviews and automated scans of on-chain information to streamline token evaluation.

“This is simply a high-quality occupation to have,” Armstrong wrote, “but evaluating each 1 by 1 is nary longer feasible. Regulators request to recognize that applying for support for each 1 is wholly infeasible astatine this constituent arsenic well.”

However, Armstrong’s comments travel arsenic Coinbase faces disapproval for its token policies.

Last week, the speech listed TRUMP and MELANIA tokens nether its “Experimental asset” label, prompting backlash implicit the perceived debased prime of the assets.

Critics labelled the tokens arsenic opportunistic grifts, with immoderate suggesting they could service much nefarious purposes similar facilitating governmental bribery.

Ethereum co-founder Vitalik Buterin warned that tokens tied to politicians could make pathways for covert funding, allowing individuals oregon overseas entities to power governmental figures without nationalist accountability.

Adding to the scrutiny, Tron laminitis Justin Sun criticised Coinbase for its lengthy reappraisal process.

Sun pointed out that Tron’s TRX asset, a top-10 cryptocurrency, has been nether reappraisal for 7 years contempt important milestones, including a pending TRX exchange-traded money approval.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected].