In the wake of the criticism surrounding the introduction of TRUMP and MELANIA tokens, Coinbase head Brian Armstrong is pushing for a revision of the token introduction procedure.
Armstrong posted that with roughly 1 million tokens being generated every seven days, Coinbase’s existing appraisal system is not viable. He proposes a change from an allow-list to a block-list method, simplifying token evaluation by utilizing client feedback and automated on-chain information examinations.
Ethereum co-creator Vitalik Buterin has warned that tokens connected to politicians might establish paths for covert financing, potentially allowing persons or overseas organizations to sway political personalities without public responsibility.
The exchange recently listed TRUMP and MELANIA tokens under its “experimental assets” designation, triggering fury over the introduction of subpar assets. Tron creator Justin Sun contributed to the disapproval, characterizing Coinbase’s review procedure as protracted.
Detractors have characterized these tokens as opportunistic frauds, with some implying they might be utilized for illicit activities such as enabling political payoffs.
Coinbase asserts it is challenging to assess the 1 million tokens produced every week. Armstrong mentioned that regulators must understand that seeking endorsement for each token is also impractical.
Justin Sun declared that notwithstanding the substantial accomplishments of TRON TRX, including the forthcoming endorsement of an Exchange Traded Fund (ETF), TRX, as a premier digital currency, has been under examination for seven years.
