At the recent Ripple Swell conference, Philip Martin, Coinbase’s Chief Security Officer, emphasized the importance of educating lawmakers and the public to dispel misconceptions about cryptocurrency’s association with illegal activities.
He stated that “educated lawmakers make such better decisions,” underscoring the risk of “bad laws” resulting from a lack of understanding.
Martin noted 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 “silver bullet” 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.
“A lot of people base their opinion of crypto on the headlines in traditional, like, large media, and that’s unfortunate when we see headlines that aren’t necessarily fully reflective of the facts,” Martin said.
Martin firmly rejected the narrative that cryptocurrency is the “king of illicit finance,” 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 “softening” in the Democratic Party’s stance on crypto, reflecting a recognition that a significant portion of Americans desires a more equitable financial system.
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