Katie Haun is a tech venture capitalist and general partner at Andreessen Horowitz. In an interview at CNBC’s Delivering Alpha Conference held on Wednesday, she opined that the US should learn from China what not to do in the realm of cryptocurrency.
Katie Haun Opines on China’s Ways of Cracking down Cryptocurrency and Draws a Potential Parallel with the US SEC
“This is an opportunity for the United States because we should be doing the exact opposite in my mind in this realm of what China is doing,” commented Katie Haun.
Katie Haun who is a former prosecutor now works as a supervisor of crypto investment at Andreessen Horowitz. She is also recognized as one of the board members of the popular US-based crypto exchange platform – Coinbase.
Considering a series of recent events, Katie Haun expresses her disappointment in the US Securities and Exchange Commission (SEC). She disapproves of the SEC’s efforts to penalize and control the crypto exchange and service-providing firms like Coinbase. The latter mentioned company has been putting constant efforts to perform in compliance with the regulators. The CEO of Coinbase, Brian Armstrong revealed that they had to halt a new service product launch as the SEC has sent them a prior Wells notice. The notice read that if they carry on with their offerings, the SEC will have to penalize Coinbase.
In the case of China, mainstream media including ourselves, have inter-linked the two occurrences of events. It is presumed that the People’s Bank of China is preparing to launch its digital currency, e-Yuan by eradicating all market competitors. Their efforts to shed an umbrella ban on cryptocurrency services, transactions, and mining is a consequence of their future endeavor to launch the digital Yuan.
Haun foretold that China will “tie trade, tie loans, tie other assistance to the use of essentially their stable coin.”
However, Bitcoin or other cryptocurrencies were never meant to be centralized or controlled. According to crypto enthusiastic communities, Cryptocurrency is trustworthy because of its decentralized nature. Katie Haun also clarified that it is a “myth” if anyone believes crypto enthusiasts are completely against regulations.
Haun said, “I’m glad we’re studying as a country CBDCs, but we’ve publicly said as a country that we’re going to keep studying it for a couple of years.” she further continued, “I think it’s really important that policymakers and private industry in the U.S. work together.”
“It’s not that the industry does not want regulation. It wants clarity, but it also does not want to be treated as a monolith,” Huan explained. She also justified with an example of the non-fungible tokens (NFTs). She said, “Why should that be regulated as a financial product and service? We don’t think it should be.”
A statement that she made felt like a piece of million-dollar indirect advice to all the lawmakers around the world. Hence, resting this piece with this comment by Katie Huan, “Regulation cannot be one size fits all.”