Can lawmakers address crypto before asking 'What is crypto'?
As a crypto CEO, I know how often our sector is misunderstood and criticized. Sometimes, the criticism is deserved because we have not always done our part to shine a light on the utility and use cases powering positive change. But other times, it’s based on the assumption that all players in this industry are the same, which is just not true., one of the largest crypto exchanges in the world — and perhaps the largest-ever example of the need for regulatory oversight.
The industry must do its part to act transparently and in the best interests of consumers, despite the absence of regulation. But without oversight, we will continue to see examples of businesses failing to put consumers’ interests first. That’s why I am calling on Congress to pass three key measures in 2023 to provide consumers with the protections they need.
Second, require stablecoins to be stable: The Terra collapse saw the disappearance of $60 billion in value overnight. Consumers need to be assured that stablecoins must be backed by high-quality liquid assets on a one-to-one basis. Stablecoins are essential to the real utility offered by blockchain. Rules of the road here are helpful to consumers and will lead to even more innovation.
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