Coinbase vs. EU, or Yet Another Unsensible Law

It is no secret that the US or the European Union do have very strict approval processes in every field, and of course, cryptocurrencies are no exception, as evidenced, for example, by the ban on the cryptocurrency Binance in the United States in 2019. However, the latest dispute concerns the European Union and the San Francisco-based Coinbase Exchange, which called on the crypto community to express its views, as it wants them to be heard as the EU prepares to vote on another controversial bill.

Understandably, a major problem criticized by Kryptonians is its outdated stance on digital assets, which stems from several stereotypes, such as the fact that Bitcoin serves as a major means of laundering money. One would expect a little more progressive thinking given the gradual regulation of cryptocurrencies or the gradual formation of many CBDCs. Coinbase fears that a similar law could significantly stifle innovation and undermine the reliability of wallets, which many individuals consider safe in terms of protecting their digital assets. This is the European Union’s second attempt to cut the wings of cryptocurrencies in a few months after the Proof-of-Work Algorithm Prohibition Bill did not pass.