Emily Choi, president of Coinbase Global Inc., has stated the company wants to be treated fairly by regulators. So, she has called on them to provide the financial regulatory world with an “even playing field”. At Messari’s Mainnet conference held on 20th-22nd September in New York, Choi demanded transparency, clarity and fairness. The president of Coinbase couldn’t attend the event in person, but did appear remotely, calling for “common sense” rules to be adopted.
“We just want to make sure that there is an even playing field for crypto firms and other financial-services providers,” Choi said. “We do want to get to this place where there’s just common-sense rules and regulations.”
As reported by Beincrypto.com, this statement came after the company had “scrapped plans” for their latest product with the US Securities and Exchange Commission (SEC). As a result, Coinbase had to abandon its plans of releasing a new product called Lend. This program would have allowed crypto holders to receive additional gains by lending out their crypto.
That was when the US Securities and Exchange Commission intervened. US regulators probed the company, requested data on employees and names on the product’s waitlist. Finally, the SEC threatened Coinbase with legal action.
Throughout these events, Coinbase has been fervently supported by the crypto community. For instance, famous investor Mark Cuban said that the company should take an “aggressive rebuttal” against regulators. Perhaps, the speech is just Choi’s attempt to reach out to regulators and urge them to be reasonable about crypto regulation.
Coinbase currently operates the largest American cryptocurrency exchange. After going public on the Nasdaq exchange, its value exceeded £65 billion. Earlier in 2021, the US Customs and Immigration Service even purchased forensic software from Coinbase.
Recently, the crypto industry has felt the grip of American regulators tighten. In addition to probing Coinbase and threatening them with legal action, the SEC has had its eyes on another large crypto company – Uniswap, which also risks being looked into by the SEC, as announced earlier this month.
While lawmakers still ponder crypto tax provisions, SEC Chairman Gary Gensler has already detailed the roadmap for comprehensive crypto industry regulation. The regulator’s goal is to devise a plan for crypto supervision by the end of September.
The crypto industry remains strung up. Some community members, such as Zumo CEO Nick Jones, even consider regulation to be the biggest threat to the crypto world.
What’s the fate of cryptocurrencies in such conditions? Given the level of decentralisation the blockchain offers, the demand for many modern cryptocurrencies will certainly hold out. But national digital currencies will only add to the pressure of numerous regulators. Will the crypto industry survive? Only time will tell.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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