Coinbase CFO Alesia Haas, speaking before the U.S. House Committee on Financial Services, stated that the exchange owns 12% of the world’s crypto. She also mentioned the Digital Asset Policy Proposal, a regulatory guideline that focuses on four major pillars.
Coinbase stores approximately 12% of the entire crypto assets on the market, recent developments have revealed. Coinbase’s Chief Financial Officer Alesia Haas was speaking before the U.S. House Committee on Financial Services, where she spoke about regulation, among other things.
Explaining to the committee about how regulation could “advance the bipartisan goals of protecting consumers and promoting innovation,” Haas said Coinbase’s mission was to increase economic freedom. She went on to talk about how the exchange was helping bring in new investors and support current ones.
As she was touting Coinbase’s efforts, she mentioned that the exchange held 12% of the world’s cryptocurrency. If simply taking the whole market cap of the market, it would be worth roughly $250 billion.
But the crux of the speech related to regulation and how lawmakers could fuel innovation and adoption without being too heavy-handed. Haas suggests that sound regulation is crucial to fueling crypto innovation and adoption. From there, she unveils Coinbase’s Digital Asset Policy Proposal.
The Digital Asset Policy Proposal proposes a four-pillar solution, having examined current regulatory challenges. The first of these is to regulate digital assets under a new framework that recognizes the innovations of digital assets. The second is that the responsibility of regulation under this framework should be handled under a single federal regulation.
As the third pillar, it provides three goals to protect investors: enhanced transparency through disclosure, protection against fraud and market manipulation, and improving efficiency and strengthening market resiliency. Lastly, it recommends regulatory solutions that promote interoperability and fair competition.
Coinbase is keen to work with regulators
The remarks made by CFO Haas are in line with previous statements and actions by Coinbase. The exchange has been known to be keen to work with regulators, which has sometimes riled the crypto community. The latter have chided such actions as working with the IRS and offering analytics tools to U.S. Homeland Security, which it feels would result in lesser market freedom.
But Coinbase has always stuck by its principle of sound regulation means more market maturity. Brian Armstrong and other executives have made it a point to not irk regulators, in which every country they are operating. Armstrong even said that it was the company’s goal to “list every asset where legal.”
However, it has still caught the attention of regulators like the SEC, resulting in dropping its lending program after the latter threatened a potential lawsuit. But, on the whole, compared to exchanges like Binance, Coinbase seems far more on the right side of authorities.