crypto regulation in the US will boost crypto adoption, says Coinbase president
Emilie Choi shared her point of view on the future adoption of the crypto and blockchain industry in the United States.
Coinbase is a popular & leading crypto exchange in the United States. This exchange is popular to work under the compliance of regulatory framework. Usually offering crypto services under compliance is very tough work but still, Coinbase exchange is following compliance perfectly, .However, a few months ago, the exchange faced a threat from the United States Securities and Exchange Commission (SEC) directly & indirectly for its USDC lending product.
Emilie Choi, Coinbase President, and Chief Operations Officer said that a better regulation framework in the crypto industry with better clarity & transparency will bring huge numbers of people into crypto, said during a webinar at the Bloomberg Financial Innovation Summit.
Choi said that around 12% of Americans are in crypto and 12% is equal to around 200 million.
“We’ve hit mainstream adoption,” Choi said. “If you look and track the adoption of the internet, we’re actually on pace or accelerating what the early internet was on the crypto front.”
Choi noted that perfect crypto regulation will be a key factor to push the crypto adoption and numbers of crypto users.
“We have more than 50 regulators alone in the US and we can navigate that and we embrace it,”
Further, Choi added that better clarity and transparency are a basic necessity in crypto regulation. And also we need fair rules only.
“We’ve always leaned into (regulation), but for the crypto ecosystem to thrive, we need to have fair rules, we need to have transparency and we need to have more clarity.”
Coinbase USDC lending product vs SEC Agency
In the past, Coinbase faced huge tension because of USDC lending product plans.
On the planning of the USDC lending product, the SEC agency raised their concern.
Later, Coinbase exchange announced officially that they will not launch the USDC lending product.
However, recently, the Coinbase exchange started to allow the Coinbase non-US users to invest in the Defi lending pool to earn yield, which is a totally different product over the last USDC lending product.
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