Chief Security Officer at Coinbase Phillip Martin has underlined the need to teach legislators to avoid the development of erroneous rules that can impede innovation in the field of cryptocurrencies. Martin underlined during the Ripple Swell conference the significance of countering false information regarding cryptocurrencies, especially their supposed links to illegal activity.
“Educated lawmakers make much better decisions,” Martin added, stressing that ignorance might lead to “bad laws” impeding the advancement of newly developing technology like cryptocurrency.
Coinbase has worked hard to let U.S. legislators know about the strong consumer protections and security policies in place inside the cryptocurrency market. These initiatives aim to address issues related to illicit conduct and ensure legislators base their decisions on data, not preconceptions.
Martin disputes the myth that criminals and tax evaders use cryptocurrencies primarily for malicious purposes. He cited recent research from Coinbase, which revealed that just 0.34% of crypto transactions are associated with unlawful activity, in contrast to the estimated 33% of actual currency in circulation that criminals and tax evaders use.
Martin emphasized that transforming these negative perceptions primarily relies on education. He also underlined the need to let fresh consumers in the crypto field know about the connected hazards, which differ from those of conventional financial systems.
“A lot of people form their opinions on crypto based on headlines in major media outlets,” Martin added, noting that these headlines usually do not fairly depict the truth of the matter.
Anticipating the forthcoming U.S. elections, Martin voiced cautious hope about a future president who will be more crypto-friendly. He said that while many Americans are looking for a better financial system, the Democratic Party’s position on cryptocurrencies has lately changed.
Coinbase continues to dedicate itself to its educational initiatives for legislators and the general public because it believes this is the best strategy to combat false information and influence the direction of bitcoin control.
