According to Coinbase President and Chief Operations Officer Emilie Choi, cryptocurrency is on track to reach a billion users over the next five years, while usability and legal clarity will be critical to sustained rising acceptance.
Choi stated at a webcast at the Bloomberg Financial Innovation Summit that around 12% of Americans use cryptocurrency and that there are over 200 million users worldwide. She said:
“We’ve hit mainstream adoption. If you look and track the adoption of the internet, we’re actually on pace or accelerating what the early internet was on the crypto front.”
However, Choi stated that increased certainty in crypto policy in the United States will be critical to the space’s growth.
Coinbase revealed in September that it was delaying plans to start a lending service due to pressure from US regulators.
Coinbase’s chief legal officer, Paul Grewal, stated in a blog post on September 7 that the US Securities and Exchange Commission (SEC) served the business a Wells notice, which is the official manner a regulator informs a company that it plans to sue.
Choi said, noting the company’s intent to have a strong relationship with the SEC:
“What we want to do as Coinbase is make sure that we’re raising our hand when we feel the rules of the road are not clear. For us, that particular issue wasn’t an existential one for us. We are genuinely trying to create a world in which crypto companies can thrive and blossom and understand what the rules are.”
Alesia Haas, Chief Financial Officer of Coinbase, was one of the witnesses who spoke last week at a House Financial Services Committee hearing on digital assets and the future of finance.
Choi stated that the hearing encouraged her to believe that US politicians are eager to learn more about cryptocurrency, and she stressed that if regulatory uncertainty persists, innovation and entrepreneurship may go abroad.
Though Coinbase is excited to continue growing its US business, she also stated that the firm is investing substantially in foreign development.
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