President of Coinbase: "Regulators Need More Common Sense To Control Cryptocurrencies" – Bits Media

Coinbase Global President Emily Choi called on regulators to develop fair requirements and “level the playing field” for cryptocurrency firms and financial services providers.

Speaking at the Messari Mainnet conference in New York, Emily Choi (Emilie Choi) turned to regulators. She asked them to clarify the supervision of the activities of cryptocurrency firms, make it transparent and fair, do not intimidate companies with lawsuits. Choi mentioned the warning from the US Securities and Exchange Commission (SEC) About that, that the department may sue the cryptocurrency exchange Coinbase, if it launches a high-yield product for the USDC stablecoin at an annual rate of 4%.

However, the Commission did not outline requirements, which must be met by the exchange to launch this product. As a result, Coinbase was forced
refuse to implement the USDC APY program, aimed at expanding the economic freedom of users. Coinbase thanks customers for their interest, shown to a failed product, And said, that he will continue to work on creating other innovative programs.

"We just want, so that cryptocurrency firms can operate without any obstacles or interference. We're really ready to go to market, where there are clear rules, dictated by common sense", - Choi said.

Apparently, Coinbase management decided to follow the advice of billionaire Mark Cuban (Mark Cuban) — launch a counterattack on the regulator and put forward counterarguments. Previously, the exchange was supported by other participants in the cryptocurrency industry, including Ripple CEO Brad Garlinghouse (Brad Garlinghouse), who himself is still involved in a legal battle with the SEC.