Coinbase CFO Alesia Haas stated before the United States House Committee on Financial Services that the exchange owns 12% of the world’s cryptocurrency. She also mentioned the Digital Asset Policy Proposal, a regulatory framework with four major pillars.
According to recent developments, Coinbase holds approximately 12% of all crypto assets on the market. Alesia Haas, Coinbase’s Chief Financial Officer, testified before the United States House Committee on Financial Services, where she discussed, among other things, regulation.
Haas stated Coinbase’s mission was to increase economic freedom while explaining to the committee how regulation could “advance the bipartisan goals of protecting consumers and promoting innovation.” She went on to discuss how the exchange was attracting new investors and supporting existing ones.
She mentioned Coinbase’s efforts while touting the exchange’s holdings of 12% of the world’s cryptocurrency. If the market’s total market capitalization were used, it would be worth approximately $250 billion.
The main point of the speech, however, was about regulation and how lawmakers could encourage innovation and adoption without being overbearing. According to Haas, sound regulation is critical to fostering crypto innovation and adoption. She then presents Coinbase’s Digital Asset Policy Proposal.
Following an examination of current regulatory challenges, the Digital Asset Policy Proposal proposes a four-pillar solution. The first of these is to regulate digital assets under a new framework that recognizes digital asset innovations. The second point is that regulation under this framework should be handled by a single federal regulation.
As the third pillar, it aims to protect investors by improving transparency through disclosure, protecting against fraud and market manipulation, and improving efficiency and market resiliency. Finally, it suggests regulatory solutions that encourage interoperability and fair competition.
Coinbase is eager to collaborate with regulators.
CFO Haas’ comments are consistent with Coinbase’s previous statements and actions. The exchange has been known to be eager to collaborate with regulators, which has occasionally enraged the crypto community. The latter has chastised actions such as collaborating with the IRS and providing analytics tools to US Homeland Security, which it believes will result in less market freedom.
However, Coinbase has always adhered to the principle that sound regulation leads to greater market maturity. Brian Armstrong and other executives have made it a point not to irritate regulators in each country where they operate. Armstrong went so far as to say that the company’s goal was to “list every asset where legal.”
However, it drew the attention of regulators such as the SEC, prompting the company to discontinue its lending program after the SEC threatened a lawsuit. However, when compared to exchanges such as Binance, Coinbase appears to be on the right side of the law.