During a meeting with the U.S. House Financial Services Committee, the representative of Coinbase is an American company that operates a cryptocurrency exchange platform. revealed these and other figures, citing the need for effective regulation at the local level.
The Chief Financial Officer (CFO) forCoinbase, Alesia Haas, highlighted the position of the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. within the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, noting that it has custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. of about 12% of the total of circulating cryptocurrencies, so it manages funds for more than 150 types of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets.
Coinbase stores more than 12% of the cryptocurrencies in circulation
Las declaraciones de Haas vinieron a lugar durante una reunión de directivos de importantes empresas del sector critpto quienes comparecieron ante el U.S. House Financial Services Committee, where the representative ofCoinbase highlighted the role of the exchange within the digital currency currency is a medium of exchange that defines value. ecosystem and its associated markets.
According to Haas, currentlyCoinbase allows users both in the U.S. and elsewhere to trade and store a significant amount of cryptocurrencies, and this has allowed the platform a place to buy, sell and store cryptocurrency to open space and make a place for itself within the sector, constantly thinking about how to expand its line of products and services.
In this way, the directive ofCoinbase he commented:
“We now securely store 12% of the world’s cryptocurrencies across more than 150 asset classes… We serve more than 73 million customers worldwide, including 10,000 institutions and 185,000 app developers. Importantly, nearly 50% of our transacting customers are doing more than just buying and selling cryptocurrencies, which tells us that cryptocurrencies are moving beyond their initial investment phase, into the long-awaited utility phase.”
The need for more precise regulations
At the same time, he spoke about the position and the importance of the work of theCoinbase, Haas also made reference to the problems posed by the US for this type of operations by not handling appropriate regulations for cryptocurrencies, as not having them puts the country in a complicated situation in which it could lose the opportunity that this business sector brings with it.
Among the consequences associated with this problem, the directive ofCoinbase pointed out that the US loses access to financial gains gains refer to an increase in value or profit. from this sector. He also indicated that if this continues, the crypto ecosystem could lose momentum locally, which would lead those interested in these products to operate through other platforms from the underground, which is very unsafe for users because of the few guarantees of compliance they offer.
Although Haas put on the table the need for proper regulations on cryptocurrencies in the US, this has been an issue widely demanded by both public officials and industry participants, who agree that having clear rules would significantly help all stakeholders to operate without so much uncertainty.
En su momento, la senadora Elizabeth Warren y el presidente de la SEC Gary Gensler also supported this same request, as there is also very little that can be done at the legal level to protect users and help the private sector when there is no clarity on the rules to follow.
Coinbase and the US market an area or arena, online or offline, in which commercial dealings are conducted.
Despite the fact thatCoinbase offers its services at an international level, the exchange has a very solid position in the US market, being one of the exchanges with the longest trajectory at a local level.
The aforementioned, together with other aspects, make thatCoinbase has a lot of weight within the U.S. market. For example, when the exchange announces that it will add a token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. to its trading list, the volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of operations for this usually increases significantly, as this allows users residing in the country to trade with this asset without any problem.
It is worth noting thatCoinbase has also sought to offer support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. to lawmakers and government entities to advise on cryptocurrencies and markets. In October, the company announced plans to introduce a bill to regulate cryptocurrencies in the U.S., and also co-founded a council with other industry participants to help the crypto ecosystem comply with local laws.
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- Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and major cryptocurrencies go down again on Dec. 8
Version by Angel Di Matteo /DiarioBitcoin