? Her words came in the context of the Mainnet conference in New York. Choi demanded that regulators make decisions based on the principles of transparency, clarity and fairness. Rules must be based on “common sense,” she said.
? “We just want to make sure that there is a level playing field for cryptocurrency companies and other financial service providers,” Choi said. “We want to make sure everything is fair and just.”
? Earlier, the company had to abandon plans to launch a new product. Coinbase was going to offer customers a credit service. Users were supposed to earn passive income by lending cryptocurrency to other cryptoinvestors.
? However, the SEC did not like Coinbase’s new product. U.S. regulators investigated the company, asked for employee and customer data from the product waiting list, and threatened legal action. The community supported Coinbase, and celebrity investor Mark Cuban said the company should give regulators an “aggressive” fight back.
? Coinbase is the largest U.S. cryptocurrency exchange. After Coinbase went public on the Nasdaq exchange with the ticker COIN, its value was estimated at around $89 billion. Earlier this year, U.S. Customs and Immigration even purchased forensic software from Coinbase.
? Recently, U.S. regulators have tightened control over the crypto industry. In addition to the Coinbase investigation, another major cryptocurrency company has drawn the attention of the SEC. As announced earlier this month, the SEC also got to Uniswap.
? SEC Chairman Gary Gensler intends to tightly control the crypto industry. Regulators set out to develop a plan to oversee cryptocurrencies by the end of September.
? Meanwhile, the cryptocurrency industry is in a dangerous and tense position. Some involved in the field, such as Zumo CEO Nick Jones, argue that regulation is the biggest threat to the industry.