Shapeshift CEO asks Financial Regulators to hug Cryptos

Erik Voorhees, CEO of cryptocurrency exchange Shapeshift, called on regulators to accept cryptocurrencies as a competition to the existing financial system
12 June 2018   1164

Voorhees expressed his point of view in an interview with Bloomberg. He displayed some problems within the cryptocurrency industry, including regulation, competition and the future of Switzerland-based Shapeshift AG. Voorhees confirmed the existence of centrally-issued money is incongruous to the existing framework of a market-based economy. Then he compared the issuance of money to a manufacturer of shoes and claimed if strict regulations prohibit the latter from getting a monopoly in the market, the same ideology must apply to fiat currencies.

Voorhees said that money is the foremost good in a market-built economy and have be open to competition:

Most regulation is superfluous at best, and a lot of it is quite harmful. Even if someone doesn’t buy into the idea that cryptos will overtake fiat, most people should at least be interested in the fact that competition is now happening. That’s generally seen as a good thing.
Erik Voorhees,
CEO, Crypto Exchange Shapeshift

Shapeshift CEO also expressed an opinion that the present model of regulation makes problems instead of remit them. Criticising American cryptocurrency regulations, he continued:

Regulation should focus on preventing fraud and theft. There is no need for thousands of pages of regulations to prevent fraud. Most of the regulations have nothing to do with preventing fraud. Consenting adults who are not cheating each other should be allowed to interact economically in any way they see fit.
Erik Voorhees,
CEO, Crypto Exchange Shapeshift

Voorhees supposes that growing regulatory legislation has a positive correlation to “brain and capital flight” in the crypto sphere, citing the example of the New York-based BitLicense. At the end of the interview, Vorhees hinted at the SEC’s ambiguity over Initial Coin Offerings (ICOs) as another reason that impacts Shapeshift’s reluctance to run an ICO.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   120

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.
 

Elliott Suthers

Coinbase

Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.