- Coinbase COO confirmed rumors that the exchange will be rolling out a proposal to help guide lawmakers on crypto regulation
- Choi did not comment on rumors that the exchange would be revisiting plans to launch its lending platform
Mainnet 2021, New York City — Coinbase COO Emilie Choi confirmed speculation sparked by a Tweet thread from CEO Brian Armstrong that the exchange will be working on a regulatory proposal to submit to United States Lawmakers.
“The things that we should all care about are — first and foremost — transparency and integrity,” Choi said while speaking at Messari’s Mainnet conference on Wednesday. “And the reason that we went out with that tweetstorm before is because we didn’t feel like there was transparency and clarity to the way things were being regulated.”
Choi is referring to Armstrong’s series of Tweets and blog post released earlier this month that revealed that Coinbase had been threatened with legal action by the Securities and Exchange Commission if the exchange went ahead with plans to launch its lending platform.
In the thread, Armstrong expressed frustration with the seemingly unfair process cryptocurrency companies must endure.
“The second pillar there is going to be about fairness,” Choi said. “We just want to make sure that there’s an even playing field, and when we talk about that, I’m talking about traditional financial services and crypto. There should be even playing fields in these different industries.”
The interview comes one day after rumors swirled on Twitter and around the Mainnet conference that Coinbase would not be abandoning plans to launch Lend, countering what the exchange announced last week. Choi did not confirm the speculation.
The creation of Coinbase’s proposal, Choi said, is intended to advance the entire community.
“We are regulated I think by more than 50 regulators right now, I think it’s actually much more than that,” she said. “If we’re struggling with this, then what is your audience going to be able to do? That’s part of the reason that we felt the need to be a little bit more public about this and figure out what works for everyone.”
The ‘audience’ Choi is referring to is other cryptocurrency companies, many of whom were in attendance.
Messari CEO and founder Ryan Selkis, who interviewed Choi during the discussion, announced that $250,000 of conference proceeds will be going toward crypto-related policy efforts in Washington, D.C., a move keeping in line with the broader theme of the event.
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