Home Bitcoin News U.S. should do 'exact opposite' of China on crypto, says Andreessen Horowitz's Katie Haun – CNBC

U.S. should do 'exact opposite' of China on crypto, says Andreessen Horowitz's Katie Haun – CNBC

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Katie Haun, Andreessen Horowitz normal accomplice.
Supply: Andreessen Horowitz

In contemplating learn how to regulate the crypto trade, the U.S. ought to look to China for what to not do, mentioned Katie Haun, a accomplice at Andreessen Horowitz.

“This is a chance for the US, as a result of we must be doing the precise reverse in my thoughts on this realm of what China is doing,” Haun, a former federal prosecutor who now helps handle Andreessen Horowitz’s crypto investments, mentioned on Wednesday at CNBC’s Delivering Alpha conference.

Earlier this yr, China created its personal digital forex, the digital yuan, which is being managed by the Folks’s Financial institution of China. The forex goals to switch a few of the money in circulation. China has run real-world trials for the digital forex in various cities together with Shenzhen, Chengdu and Suzhou.

Bitcoin and cryptocurrencies, by design, aren’t managed by a government like a financial institution or authorities, and crypto fanatics usually say that is the one method they are often trusted.

Haun predicted that China will “tie commerce, tie loans, tie different help to using basically their stablecoin,” which is a kind of digital forex that is typically backed by a forex. Some have linked the timing of the digital yuan launch to Beijing’s renewed efforts to crack down on the broader crypto market.

Haun mentioned the U.S. has, up to now, taken the best strategy on central financial institution digital currencies, or CBDCs.

“I am glad we’re learning as a rustic CBDCs, however we have publicly mentioned as a rustic that we will maintain learning it for a few years,” she mentioned. “I feel it is actually essential that policymakers and personal trade within the U.S. work collectively.”

Haun additionally waded into the regulatory debate within the U.S. and mentioned it is a “fable” that crypto trade gamers are against all regulation.

“It isn’t that the trade doesn’t need regulation,” Haun mentioned. “It desires readability, however it additionally doesn’t wish to be handled as a monolith.”

For example, Haun described non-fungible tokens, or NFTs, that are digital collectibles.

“Why ought to that be regulated as a monetary product and repair? We do not assume it must be,” mentioned Haun, who as a prosecutor was requested to analyze bitcoin. “Regulation can’t be one dimension matches all.”

Haun mentioned she was dissatisfied that the SEC, in her view, is penalizing crypto firms like Coinbase which might be making an attempt to be compliant. Coinbase, which counts Haun as a board member, recently halted its plan to introduce a lending product after CEO Brian Armstrong revealed that the corporate had obtained a Wells discover from the SEC, which threatened to sue if Coinbase adopted by with the providing.

Haun mentioned that some within the trade are getting punished regardless of “good religion efforts” whereas others, who’re skirting rules and legal guidelines, “are actually getting a free go.”

WATCH: Andreessen Horowitz’s Katie on on new crypto fund, China crackdown

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