Coinbase CEO Proposes Overhaul of Crypto Listing Process

Brian Armstrong calls for shifting from an approval-based system to a blocklist approach as token creation surges to one million per week.

Brian Armstrong, CEO of Coinbase, revealed that approximately one million new crypto tokens are created weekly, overwhelming the platform's current evaluation process.
Armstrong suggests moving from a system that approves tokens individually to a blocklist model, leveraging customer reviews and automated on-chain data analysis to manage listings.
Critics, including other crypto executives, have expressed concerns that Coinbase's approach might prioritize quantity over quality, comparing it to gambling due to the influx of low-value tokens.
The surge in token creation highlights a broader issue in the crypto market, with over 36.4 million altcoins now in circulation, a dramatic increase from previous years.
Armstrong emphasized the need for regulatory frameworks to adapt to the rapid growth of the crypto sector, advocating for smarter rules to ensure safety and innovation.