Coinbase Global Inc (NASDAQ:COIN) stores 12% of the world’s cryptocurrency, according to the company’s Chief Financial Officer Alesia Haas.
What Happened: In a speech at the U.S. House Committee on Financial Services, Haas said: “We now securely store 12% of the world’s crypto across more than 150 asset types, we offer customers the opportunity to learn about and buy, sell, send and receive more than 100 assets.”
Based on the fact that nearly 50% of Coinbase’s transacting customers are engaged in activities besides just buying and selling crypto, Haas believes that “crypto is moving beyond its initial investment phase into the long-expected utility phase.”
Haas also warned that the U.S. needs to adopt an effective crypto regulatory framework or it could risk pushing crypto activity underground or to offshore exchanges.
At the same hearing, former Acting Comptroller of the Currency Brian Brooks said he believes the country is unquestionably behind the curve on cryptocurrency and crypto ETFs.
“There are some products that are legal in other countries and are just not legal here,” said Brooks, reiterating Haas’s sentiments.
BTC Price Action: The leading digital asset Bitcoin (CRYPTO: BTC) is down 3.58% over 24 hours, trading at $48,682.
Photo by Jeremy Bezanger on Unsplash.