Coinbase Stores 12% of All Cryptocurrencies on the Market, CFO Says

Coinbase stores approximately 12% of all cryptocurrencies on the market, recent developments have revealed. Coinbase CFO Alesia Haas spoke before the U.S. House Financial Services Committee, where she addressed the issue of regulation, among other things.

Explaining to the committee how regulation could “further 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 to attract new investors and support existing ones.

While touting Coinbase’s efforts, he mentioned that the exchange held 12% of the world’s cryptocurrency. If you simply took the entire market capitalization of the market, it would be worth approximately $250 billion.

But the centerpiece of the speech related to regulation and how lawmakers could drive innovation and adoption without being too heavy-handed. Haas suggests that sound regulation is crucial and, from there, presents Coinbase’s digital asset policy proposal.

The digital asset policy proposal puts forward a four-pillar solution, having examined current regulatory challenges. The first is to regulate cryptocurrencies under a new framework that recognizes digital asset innovations. The second is that the responsibility for regulation under this framework should be handled under a single federal regulation.

As a third pillar, it provides three objectives to protect investors: increased transparency through disclosure, protection against fraud and market manipulation, and improving efficiency and strengthening market resilience.

Finally, it recommends regulatory solutions that promote interoperability and fair competition.

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Coinbase is willing to work with regulators

The comments made by Haas are in line with previous statements and actions by Coinbase. The exchange is known to be interested in working with regulators, which has at times irritated the crypto community.

The latter have rebuked actions such as working with the IRS and offering analysis tools to the U.S. Department of Homeland Security, which it believes would result in less market freedom.

But Coinbase has always stuck to its principle of good regulation meaning more market maturity. Brian Armstrong and other executives have made it a point not to upset regulators, in every country in which they operate. Armstrong even said that the company’s goal was to “list all assets where it is legal.”

However, it has still drawn the attention of regulators such as the SEC, which resulted in the abandonment of its lending program after the latter threatened a possible lawsuit. But overall, compared to exchanges like Binance, Coinbase seems to be much more on the right side of the authorities.

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(Featured image by Photospirit via Pixabay)

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