In an interview with Fortune, Coinbase’s Chief Financial Officer, Alesia Haas, gave a sneak peek into what the future of finance might look like, both for Coinbase and the world of cryptocurrency. Under the direction of CEO Brian Armstrong, Coinbase has consistently expanded its empire in a legalistic manner.
Armstrong has often been seen emphasizing the importance and vision he has for Coinbase vis-à-vis other competitors who broke laws to gain quick success. Coinbase’s CFO, Alesia Haas, joined the company in April 2018, previously serving as CFO for Sculptor Capital Management and OneWest Bank. She shares the same vision for Coinbase as Armstrong.
Among many topics discussed, Haas’s contribution to Ethereum’s state was duly insightful. Haas’s analysis of Bitcoin’s surge on Ethereum highlights its popularity and versatility in supporting stablecoins and NFTs. Despite being the most prominent cryptocurrency, Ethereum is gaining traction due to its development and user activity, indicating a rising interest in cryptocurrencies as more individuals adopt them into their investment portfolios, added Haas.
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Alecia emphasized the steady upward trend in Bitcoin’s rise since the publication and launch of its white paper and mentioned that institutional investors’ increasing adoption and interest have catalyzed its growth. She also pointed out that the scarcity of Bitcoin, with only 21 million coins ever to be mined, has contributed to its value appreciation over time. The cryptocurrency’s price cycles consistently exceed previous ones, with every dip higher than the previous one.
Bitcoin’s one-, three—, five—, and 10-year returns compared to other assets demonstrate its top-performing status. A significant portion of this success can be attributed to Bitcoin ETFs, which generate fresh demand for this asset class. Previously, investment advisors faced limitations in investing in Bitcoin due to their investment mandates. Still, regular people can now invest in Bitcoin through an ETF, generating more money for the cryptocurrency market.
In the context of the SEC’s attempt to define Ethereum as a security, Haas further added that the SEC has declared time and time again in the past that Ether is not a security. Ether is not a security, according to the CFTC as well. The main issue is that the US federal government still lacks a comprehensive understanding of how to regulate cryptocurrencies.
Haas emphasized the importance of obtaining regulatory clarity to establish a fair and effective regulatory framework in the first place. This framework would serve to safeguard consumers, promote responsible markets, and provide protection for businesses like Coinbase. Haas believes businesses can confidently bring compliant products to the market by gaining this clarity.
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When questioned about Sam Bankman-Fried’s 25-year imprisonment in the FTX legal battle, Haas expressed satisfaction in witnessing the proper legal procedures being followed in cases involving market fraud and reassured that the market has mainly “moved on from this tragic event,” all while focusing on the importance of building products in compliance with the law.
