Coinbase’s Choi Calls for ‘Common Sense’ in Crypto Regulation
Coinbase’s Choi Calls for ‘Common Sense’ in Crypto Regulation
(Bloomberg) -- Coinbase Global Inc., operator of a digital-currency exchange that has faced scrutiny from U.S. regulators, called for rulemakers to provide an “even playing field” for all financial firms.
The firm is seeking transparency, clarity and fairness from regulators, President Emilie Choi said Wednesday in a remote appearance at Messari’s Mainnet conference in New York.
“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.”
Coinbase announced last week that it was tabling plans to launch a product that would pay users interest for lending out their tokens, as the firm bowed to pressure from the Securities and Exchange Commission.
The SEC under Chair Gary Gensler has taken a tough line on cryptocurrency products and the platforms that they trade on. Coinbase’s planned Lend program, which would have let users earn 4% by lending their tokens, was a flash point in growing tensions between the regulator and the burgeoning crypto industry.
Coinbase runs the largest American digital-asset trading platform. In April, the firm’s valuation surged to as much as $89 billion when it went public through a direct listing on the Nasdaq.
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