Coinbase CFO Alesia Haas told a group of representatives of the United States Congress that the company has in its possession 12% of the world’s cryptocurrencies, distributed in more than 150 types of assets.
Haas’s remarks came after executives from Circle, Paxos, Stellar, FTX and Bitfury, all cryptocurrency-related services companies, were summoned by the chairman of the Congressional Financial Services Committee, Maxine Waters.
In the meeting, businessmen asked parliamentarians for a clear regulation adapted to the sector, a fact reported by CriptoNoticias.
In his presentation, Waters raised his concerns about the lack of regulation of the cryptocurrency industry. “Currently, cryptocurrency markets do not have a generalized or centralized regulatory framework, leaving investments in the digital asset space vulnerable to fraud, manipulation and abuse,” he said.
During her participation, the Coinbase executive indicated that serving more than 73 million customers worldwide, including 10,000 institutions and 185,000 application developers, as highlighted by the company on its blog.
“Importantly, nearly 50% of our transacting clients are doing more than just buying and selling cryptocurrencies, indicating to us that cryptocurrencies are moving beyond their initial investment phase into the expected profit phase from a long time ago”.
Alesia Haas, Chief Financial Officer, Coinbase
4 pillars to regulate cryptocurrencies
The document published by Coinbase and read by Haas in Congress, shows the four fundamental pillars that the company considers necessary for a regulatory framework for bitcoin and cryptocurrencies.
The first is to regulate digital assets under a new and comprehensive framework.
Second, they mention that the responsibility for policing the industry should be assigned to a single federal regulator.
The third pillar is made up of three objectives to ensure that “digital asset holders are empowered and protected”. A) Improve transparency through robust and appropriate disclosure requirements. B) Protect against fraud and market manipulation and C) Promote efficiency and strengthen market resilience.
Finally, in fourth place, they consider that it must be ensured that regulations promote interoperability and fair competition.
Coinbase wants to power a new financial system for Web 3.0
Likewise, the company considers that it is “promoting the crypto economy, a new financial system for the Internet era, which is a critical infrastructure layer for Web 3.0”.
That is to say they trust technologies developed based on non-fungible tokens (NFT) and decentralized applications (dApps), because, according to the company, they will mark the way for Web 3.0 to “revolutionize the Internet”.
In fact, CriptoNoticias reported that Coinbase will launch a marketplace for NFT in which creators will be able to design, display and trade their pieces. The new platform will be available – as detailed – by the end of 2021.