Coinbase, the largest crypto exchange in the US, is grappling with an unprecedented flood of new tokens. The pl atform’s CEO, Brian Armstrong, sounded the alarm on X (formerly Twitter) today. He said , “There are ~1m tokens a week being created now, and growing. He called it a “high-quality problem” but admitted that the company’s traditional approach to token evaluation is no longer sustainable. Coinbase has long reviewed new tokens individually, but Armstrong said that the process is simply unworkable in this environment. He said: “And 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 to help customers sift through.” Additionally, Coinbase will continue integrating native decentralized exchange support more deeply. “Customers shouldn’t need to know or care whether the trade is happening on a DEX or CEX,” Brian added. The crypto market is exploding in the wake of Donald Trump’s re-election. Bitcoin surged past $109,000 last week, gaining over 50% since November. Trump fuels crypto frenzy with new policies Just days into his new term, Trump signed an executive order designed to promote the adoption of digital assets in the US. The order outlined key priorities, including protections for bitcoin miners and developers, the promotion of dollar-pegged stablecoins, and a ban on any Federal Reserve-issued digital dollar. In the weekend leading up to his Monday inauguration, both he and First Lady Melania Trump launched meme coins — a first for any president ever. While the decision delighted some investors, others worried that it might reinforce the perception of crypto as speculative and unstable. Trump has since doubled down on his support, floating the idea of establishing a US Bitcoin reserve. Critics argue that such a reserve would be risky, given bitcoin’s infamous price volatility, but Trump appears undeterred. “Trump’s presidency is a dream come true for the crypto industry,” Bill Gurley, a venture capitalist, said in a recent interview. He described the past few days as transformative, saying, “I don’t think they could have imagined a better outcome than they just got in the past 48 hours.” Brian Armstrong, speaking at the World Economic Forum in Davos, said, “The last four years, we really felt like we were being attacked by this administration,” referring to Biden’s tenure. Meanwhile, Trump’s executive order has directed agencies like the Securities and Exchange Commission (SEC), the Treasury, and the Commodity Futures Trading Commission (CFTC) to form a working group on digital assets. David Sacks, a venture capitalist and close Trump ally, has been tapped as the White House’s AI and crypto czar. He joined Trump in the Oval last week for the signing of the executive order. It was all pretty cool. The order also includes provisions to withdraw an accounting rule that previously forced banks to treat crypto holdings as liabilities on their balance sheets. The SEC announced the change shortly after the order was signed, calling it a “landmark decision” for encouraging institutional crypto adoption. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - a href="https://www.cryptopolitan.com/ultimate-web3-resume-cheatsheet?utm_source=cryptopolitan&utm_medium=banner&utm_campaign=web3cs-1" target="_blank">Download Now
