Coinbase Chief Urges Lawmakers to Avoid Misconceptions

• Lawmakers need better crypto education to avoid passing misguided regulations.
• A Coinbase report shows 0.34% of crypto transactions involve illicit activities.
• Ripple introduced RLUSD, a stablecoin designed for faster cross-border payments.

Coinbase continues its push to educate lawmakers and the public about cryptocurrency. The goal is to prevent false ideas about crypto’s connection to crime from crafting misguided laws. At the Ripple Swell conference, Phillip Martin, Coinbase’s chief security officer, highlighted how wrong narratives about crypto can harm innovation if they result in poor legislation.

Preventing Misleading Narratives

Coinbase has been active in helping lawmakers understand crypto. They believe that informed lawmakers make better decisions. Martin explained that Coinbase has provided information on the consumer protection and security measures in the crypto space. These measures are designed to combat illegal activities.

The company sees education as a key factor in shaping fair and balanced laws. Coinbase argues that many negative opinions about crypto come from media headlines. These headlines, according to them, do not always reflect the facts.

Crypto’s Role in Illicit Finance

Martin addressed the common belief that cryptocurrency is mainly used for crime. A report from Coinbase showed that just 0.34% of crypto transactions are linked to illegal activities. In contrast, an estimated 33% of cash in the U.S. is tied to criminal use or tax evasion. Coinbase uses such data to change the public perception that crypto is largely used for illicit purposes.

Coinbase is also focused on educating new crypto users. Many newcomers form opinions based on news stories, which may not provide a full picture. Coinbase wants to help people understand the risks and differences of crypto compared to traditional financial systems.

Ripple Launches New Stablecoin Partnerships

During the Ripple Swell event, Ripple announced the launch of its new stablecoin, Ripple USD (RLUSD). The RLUSD is a dollar-backed stablecoin. Ripple partnered with several exchanges, including Bitstamp, Uphold, and Bitso, to support this launch.

Ripple’s CEO, Brad Garlinghouse, called the RLUSD the new “gold standard” for stablecoins. He said the demand for high-quality stablecoins like RLUSD has been growing. Ripple plans to use RLUSD for payments, tokenizing real-world assets, and decentralized finance.

The RLUSD will work alongside Ripple’s XRP to enhance cross-border payments. Ripple aims to connect traditional and digital economies. This stablecoin is expected to make transactions faster and more efficient globally.

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