Kraken, Coinbase form blockchain council to develop crypto security standards

Main Points:

  • Establishment of Blockchain Security Standards Council (BSSC) by Coinbase, Kraken, and other firms
  • Focusing on addressing emerging threats like contract exploitation and fraud
  • Commitment to developing industry security benchmarks by 2024
  • Engagement with regulators to ensure unified standards for consumer protection
  • Previous venture of forming Crypto Ratings Council by Coinbase and Kraken
  • Lawsuits filed by the U.S. Securities and Exchange Commission in 2023

Formation of Blockchain Security Standards Council (BSSC)

Coinbase, Kraken, and other blockchain firms have established the Blockchain Security Standards Council (BSSC) to address emerging threats like contract exploitation in the industry. The council aims to develop uniform security standards to enhance confidence in the sector and plans to create industry security benchmarks by 2024.

Focus on Addressing Security Threats

The BSSC, with members committed to addressing threats such as fraud and protocol exploitation, seeks to engage with regulators to establish unified standards that protect consumers and promote innovation. Despite previous efforts like the Crypto Ratings Council, lawsuits filed by the SEC in 2023 alleged securities law violations by Coinbase and Kraken.

Best Exchanges

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Bybit!

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Binance!

Sign up now to enjoy a 10% - 30% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with OKX!

© Copyright 2023 | Powered by Inscoin