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World NewsU.S. should do 'exact opposite' of China on crypto, says Katie Haun

U.S. should do ‘exact opposite’ of China on crypto, says Katie Haun

Katie Haun, Andreessen Horowitz normal accomplice.

Source: Andreessen Horowitz

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

“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,” Haun, a former federal prosecutor who now helps handle Andreessen Horowitz’s crypto investments, mentioned on Wednesday at CNBC’s Delivering Alpha convention.

Earlier this yr, China created its personal digital forex, the digital yuan, which is being managed by the People’s Bank of China. The forex goals to switch some of the money in circulation. China has run real-world trials for the digital forex in a quantity of 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 lovers typically say that is the one means they are often trusted.

Huan predicted that China will “tie trade, tie loans, tie other assistance to the use of essentially 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 proper method on central financial institution digital currencies, or CBDCs.

“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 mentioned. “I think it’s really important that policymakers and private industry in the U.S. work together.”

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

“It’s not that the industry does not want regulation,” Haun mentioned. “It wants clarity, but it also does not want to be treated as a monolith.”

As an instance, Haun described non-fungible tokens, or NFTs, that are digital collectibles.

Read extra about cryptocurrencies from CNBC Pro

“Why should that be regulated as a financial product and service? We don’t think it should be,” mentioned Haun, who as a prosecutor was requested to research bitcoin. “Regulation cannot be one size fits all.”

Haun mentioned she was disenchanted 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, not too long ago halted its plan to introduce a lending product after CEO Brian Armstrong revealed that the corporate had acquired a Wells discover from the SEC, which threatened to sue if Coinbase adopted via with the providing.

Haun mentioned that some within the trade are getting punished regardless of “good faith efforts” whereas others, who’re skirting laws and legal guidelines, “are really getting a free pass.”

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

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