TechFlow news, October 16 — According to Cointelegraph, Coinbase Chief Security Officer Phillip Martin said in a recent interview at the Ripple Swell conference that lawmakers’ lack of cryptocurrency knowledge could lead to inappropriate legislation. He emphasized that Coinbase has consistently worked to educate both the public and legislators, aiming to prevent misleading narratives linking cryptocurrencies with illegal finance from resulting in "bad laws."
"Educated lawmakers make better decisions," Martin stated. "Lack of education leads to bad laws and stifled innovation." He added that Coinbase also helps U.S. lawmakers understand the consumer protection, security, and safety measures currently implemented within the cryptocurrency industry to combat illicit activities.
Regarding the notion of cryptocurrency being labeled the "king of illegal finance," Martin called it a misleading narrative that needs correction. He cited a report released by Coinbase on October 1, which found that only 0.34% of cryptocurrency transactions involved illicit activity, compared to an estimated 33% of physical U.S. cash in circulation used by criminals and tax evaders.
Martin stressed that cryptocurrency transactions are significantly more transparent than traditional financial systems: "We can actually measure this in crypto—the data is on the blockchain. We know what transaction volumes look like. In traditional finance, this level of transparency is simply impossible."
