Coinbase President: Regulators Need More Common Sense To Control Cryptocurrencies

Coinbase Global President Emily Choi has called on regulators to develop fair requirements and “level the playing field” for cryptocurrency firms and financial service providers.

Speaking at the Messari Mainnet conference in New York, Emilie Choi reached out to regulators. She asked them to clarify the supervision of the activities of cryptocurrency firms, to make it transparent and fair, not to intimidate firms with lawsuits. Choi mentioned a warning from the US Securities and Exchange Commission (SEC) that the agency could sue cryptocurrency exchange Coinbase if it launches a highly profitable USDC stablecoin product at an annual rate of 4%. At the same time, the Commission did not indicate the requirements that must be met by the exchange to launch this product. As a result, Coinbase was forced to
refuse from the implementation of the USDC APY program aimed at expanding the economic freedom of users. Coinbase thanked customers for their interest in the failed product and said it will continue to work on other innovative programs.

“We just want cryptocurrency firms to be able to operate without obstacles and hindrances. We are really ready to enter a market where there are clear rules dictated by common sense, ”said Choi.

Apparently, the Coinbase management decided to follow the advice of billionaire Mark Cuban – to counter-attack the regulator and put forward counter arguments. Previously, the exchange was supported by other participants in the cryptocurrency industry, including Ripple CEO Brad Garlinghouse, who himself is still involved in litigation with the SEC.

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