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But in the US, Coinbase complies with the Bank Secrecy Act, the USA Patriot Act, and local state laws and regulations.
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For prospective users, that includes your full legal name, an email address, a password, a phone number, and a valid government-issued photo ID, which includes your date of birth, address, and the last four digits of your Social Security number, too.Īgain, fairly standard stuff for opening an account of almost any type.Īs for the rules and regulations that Coinbase abides by, it depends on the jurisdiction, according to the company.
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To create an account on Coinbase, users need to supply some basic information, much as they would if they were opening a brokerage or bank account. "We've seen this before, unfortunately, and it led to the financial crisis.Coinbase review: Crypto investing for individuals and institutions "Most of the people that I know that have invested in cryptocurrencies (have done so).because they think they can get rich quick," said Representative Juan Vargas. "We are the last country standing that hasn't figured that out," he said.īut the complexity and volatility of cryptocurrencies, as well as wildly varying standards around disclosure, reserves, consumer protection and other policies left some lawmakers concerned.
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business and before that a bank regulator, told lawmakers cryptocurrencies are similar to traditional assets. The rapid growth in the sector underscores there is strong investor appetite for digital assets and should be supported with clear rules rather than stifled, they said.īitFury's Brooks, who was formerly CEO of Binance's U.S. read moreĮxecutives said they would welcome regulatory clarity, which could help the industry expand, but that overly restrictive rules could prove counterproductive. Treasury-led working group recommended Congress pass a law specifying stablecoins should only be issued by companies that have insured deposits, like banks. Some policymakers, such as Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler, are also concerned the products could be used for illicit purposes, or to take advantage of unsuspecting consumers. The rapid growth of cryptocurrencies and in particular stablecoins - digital assets pegged to traditional currencies - has caught the attention of regulators, who fear they could put the financial system at risk if not properly monitored.
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"We need to be supportive of you."Ĭircle CEO Jeremy Allaire, FTX Trading CEO Sam Bankman-Fried, Paxos CEO Chad Cascarilla, Stellar Development Foundation CEO Dennelle Dixon and BitFury head Brian Brooks also testified. I see a lot of ingenuity, a lot of entrepreneurial spirit," said Representative Pete Sessions, a Texas Republican. Some lawmakers, in particular Republicans, praised the executives for leading the way on what could be a pivotal technology. "Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations," warned Alesia Haas, chief executive of Coinbase Inc.Ĭongress is unlikely to make new crypto rules anytime soon, according to analysts, and lawmakers treated the hearing primarily as a fact-finding exercise.ĭemocratic Representative Maxine Waters, who chairs the panel, said there are questions about proper oversight and singled out Facebook Inc's (FB.O) stablecoin plans as a major concern given the company's huge global reach.