đ¨Crypto Education is key to shaping Future Laws: Coinbase CSOđ¨
At the recent Ripple Swell conference, Philip Martin, Coinbaseâs Chief Security Officer, emphasized the importance of educating lawmakers and the public to dispel misconceptions about cryptocurrencyâs association with illegal activities.
He stated that âeducated lawmakers make such better decisions,â underscoring the risk of âbad lawsâ resulting from a lack of understanding.
Martin reveals that Coinbase has taken steps to inform U.S. lawmakers about the safety measures and consumer protections in place within the crypto industry to address illicit activities.
He described education as the âsilver bulletâ in countering the negative perceptions surrounding cryptocurrencies. He also highlighted the need to inform newcomers to the crypto space about the unique risks involved, contrasting them with more familiar financial contexts.
âA lot of people base their opinion of crypto on the headlines in traditional, like, large media, and thatâs unfortunate when we see headlines that arenât necessarily fully reflective of the facts,â Martin said.
Martin firmly rejected the narrative that cryptocurrency is the âking of illicit finance,â referencing a Coinbase report from October 1, which found that only 0.34% of cryptocurrency transactions are linked to illegal activities. In comparison, approximately 33% of cash in circulation in the U.S. is used for criminal purposes and tax evasion.
With U.S. elections approaching, Martin expressed cautious optimism for a more favorable attitude toward cryptocurrency from the incoming president. He noted a recent âsofteningâ in the Democratic Partyâs stance on crypto, reflecting a recognition that a significant portion of Americans desires a more equitable financial system.
