Regulators Should Let Cryptocurrency Firms Follow in Coinbase Footsteps
The successful cryptocurrency exchange platform Coinbase is poised to go public on April 14 amid high anticipation. CEI Senior Fellow John Berlau urges federal regulators to minimize red tape in order to maximize the success of entrepreneurs, investors, and consumers.
Statement by John Berlau:
“As it is set to go public on Wednesday, Coinbase is already an iconic American company and a tribute to innovation. When the company was founded in 2012, cryptocurrency had just started to get off the ground but was already facing headwinds from the theft and hacking at the Mt. Gox exchange in Japan. Coinbase helped build the cryptocurrency sector by providing secure custody of digital assets for ordinary investors lacking expertise in digital wallets and lengthy passwords.
“U.S. regulators must continue to foster the atmosphere of permissionless innovation that allowed Coinbase to thrive. The SEC and Treasury Department must clear away new and proposed red tape that threatens competitors to Coinbase and established cryptocurrencies like Bitcoin and that hinders innovation that could benefit consumers, investors and entrepreneurs.”