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Opening testimonial: US Space Committee on Monetary Services and products

Equipped via Alesia Haas, Coinbase Leader Monetary Officer

Chairman Waters, Score Member McHenry and participants of the committee, just right morning and thanks for this chance to testify about virtual property and the way forward for finance.

My identify is Alesia Haas and I'm the Leader Monetary Officer of Coinbase International Inc. I additionally satisfy the function of Leader Government Officer of our US subsidiary, Coinbase Inc. I joined Coinbase in 2018 after serving as Leader Monetary Officer at Sculptor Capital and OneWest Financial institution, and feature over two decades of revel in within the monetary trade.

Lately I wish to introduce Coinbase, talk about the evolution of crypto and spotlight how present laws can also be modified to additional the twin targets of shielding customers and fostering innovation.

Coinbase's project is to extend financial freedom on the earth. We have been based in 2012 with the concept any individual, anyplace, will have to have the ability to ship and obtain Bitcoin simply and securely. During the last 9 years, our services and products have expanded to fulfill the wishes of our shoppers within the abruptly innovating crypto trade. We've got shoppers in each state except for Hawaii, and as a remote-first corporate, we now have staff in 45 states and the District of Columbia, together with 24 of the 25 states represented via the participants of this committee.

We now securely retailer 12% of the arena's crypto in over 150 asset sorts, offering shoppers being able to be told and purchase, promote, ship and obtain over 100 property. We additionally be offering shoppers the facility to spend, borrow, earn and guess sure property. We serve greater than 73 million shoppers international, together with 10,000 establishments and 185,000 utility builders. Importantly, just about 50% of our transactional shoppers do one thing as opposed to purchasing and promoting crypto, indicating to us that crypto is transferring previous the preliminary funding section into the long-awaited utilization section.

Since our inception, Coinbase has strived to be essentially the most protected, relied on and legally compliant bridge to the crypto economic system. Coinbase is federally registered as a cash carrier corporate with FinCEN, is approved as a cash transmitter in 42 states, has a "BitLicense" and agree with constitution from the New York Division of Monetary Services and products, and we're approved to perform in 15 states.

We've got a strong AML/BSA program and we're considered one of simplest two virtual asset participants of the Division of the Treasury's Financial institution Secrecy Act Advisory Workforce.

Along with the more than a few state regulatory regimes, we're topic to federal oversight from Treasury, the CFTC, SEC, FTC and CFPB.

Just like the web adoption curve within the Nineteen Nineties, we're seeing dramatic growth in crypto participation. There are greater than 220 million crypto holders international, and roughly 16 % of American citizens have invested in, traded or used cryptocurrency. Overall crypto marketplace cap on the finish of the 3rd quarter used to be over $2.0 trillion, up from $800 billion on the finish of 2020.

Coinbase's platform powers the crypto economic system - a brand new monetary machine for the Web age - which is a essential infrastructure layer for Internet 3.0. Applied sciences corresponding to non-fungible tokens, which we name NFTs, and decentralized utility platforms will pave the way in which for Internet 3.0 to revolutionize the Web, simply because the Web revolutionized it when it moved from static content material to a spot for dynamic involvement.

We imagine that sound legislation is significant to compelling crypto innovation and adoption. That is why we presented our Virtual Asset Coverage Proposal, which we name dapp. The dApp assessed the demanding situations of the prevailing regulatory framework and proposed a four-pillar resolution.

First, we imagine that govt will have to control virtual property beneath a brand new, complete framework that acknowledges the original technological inventions underlying virtual property.

Secondly, the accountability for this new framework will have to be assigned to a unmarried federal regulator. This regulator can be tasked with putting in a registration procedure for intermediaries, which we name Marketplaces for Virtual Belongings.

3rd, this new framework will have to serve 3 functions to make sure that virtual asset holders are approved and safe: A) Build up transparency thru powerful and suitable disclosure necessities. B) Coverage in opposition to fraud and marketplace manipulation. And C) Advertise potency and improve the resilience of the marketplace.

Our fourth and ultimate pillar is to make sure that regulatory answers advertise interoperability and truthful pageant.

In conclusion, Coinbase believes that crypto will undoubtedly pressure transformational trade in society. This is why our project is to advertise financial freedom world wide. Disruption at all times demanding situations the established order, however we imagine that sound coverage answers can enhance the machine for everybody. We applaud Chairman Waters, Score Member McHenry and the participants of this committee for containing this listening to. Thanks for the chance to speak about those essential problems, and I look ahead to answering all your questions.

Opening testimonial: US Space Committee on Monetary Services and products used to be firstly printed in The Coinbase Weblog on Medium, the place other folks persevered the dialog via highlighting and responding to this tale.

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