According to TechFlow, on October 16, Cointelegraph reported that Coinbase Chief Security Officer Phillip Martin said in an interview at the Ripple Swell conference that members of Congress’ lack of knowledge of cryptocurrencies could lead to improper legislation. He emphasized that Coinbase has been committed to educating the public and legislators about cryptocurrencies to prevent misleading narratives about the connection between cryptocurrencies and illegal finance from leading to the introduction of “bad laws.”
“Educated legislators make better decisions. Lack of education leads to bad laws and hinders innovation,” Martin noted. He said Coinbase also helps U.S. lawmakers understand the consumer protection, safety and security measures the cryptocurrency industry is implementing to combat illegal activity.
As for the claim that cryptocurrencies are seen as the “king of illicit finance,” Martin believes this is a misleading narrative that needs to be corrected. He cited a report released by Coinbase on October 1, which showed that only 0.34% of cryptocurrency transactions involved illegal activity, compared to an estimated 33% of cash in circulation in the United States that is used by criminals and tax evaders.
Martin stressed that the transparency of cryptocurrency transactions is far greater than in the traditional financial system: “We can actually measure this in cryptocurrency; the data is right there on the blockchain. We know what the transaction volumes are like. In the traditional financial system, this level of transparency is simply not possible.”