0:05Would you say hello to all the audience from The Block, Tempo, and Asia audience or communities to the camera?
0:23So Paul, is this your first time being in Taipei, Taiwan, and what do you think of Taiwan?
0:55What's the legal challenge Coinbase has faced in the past and in the present, and how did you solve these problems?
2:03As this typical question, what's your view about this regulatory body, and what do you think the SEC will do in this kind of litigation?
3:34And how did you evaluate the current US crypto regulation right now in this stage?
4:43So what will you suggest for the new government in the future about the crypto regulations?
6:07How did you ensure the compliance to the Asia-based regulations?
7:14So as your perspective, is there any consideration or plan that you can share with us to expand for Coinbase to expand to Asia and or including Taiwan?
8:38Thank you for having me. Can we take a picture?
Well, good afternoon. Welcome and thank you very much for having me. It's an absolute pleasure to be here in Taipei for this very important conference.
No, no. I've spent many days and even weeks here in Taipei over a number of different years throughout my career. Focusing my legal practice on law and technology, I've naturally been drawn to Taipei with all the innovation, all the entrepreneurship here. And so whether it's visiting clients, whether it's meeting with regulators, whether it's meeting with the courts, I've had the pleasure of spending a lot of time here in Taipei. I always look forward to it.
So today I'm so excited because as a crypto lawyer in Taiwan, I want to explore some of the legal issues between Coinbase and the US regulations. So Paul, as Chief Legal Officer at Coinbase, can you share a little bit about Coinbase as a leading exchange in the United States? What's the legal challenge Coinbase has faced in the past and in the present, and how did you solve these problems?
Well, as a global cryptocurrency platform, Coinbase faces many legal challenges as countries all over the world are working to establish clear rules to govern everything from the custody of customer assets to the listing of different cryptocurrency tokens to ways in which cryptocurrency platforms like Coinbase can assist law enforcement in monitoring suspicious activity and potential criminal activity on the platform. So all of these challenges create all sorts of opportunities for myself and my team as the legal team at Coinbase to engage and represent Coinbase, but the entire industry.
Yeah, totally agree. So we know that right now there's still litigation between Coinbase and the SEC. As this typical question, what's your view about this regulatory body, and what do you think the SEC will do in this kind of litigation?
Yes, well, you are right to point out that we are engaged in active litigation with the Securities and Exchange Commission in the United States. It's fortunate no company relishes the challenge of facing off against its regulators in any country, and Coinbase is no exception to that. And we feel that way with respect to the SEC. But we're very confident that through this legal process, Coinbase will achieve what has always been its goal, which is clarity for the market as a whole as to what the rules are for crypto, how we are to comply with those rules, and what are the best ways for customers and investors to be protected. So for Coinbase, while litigation is never our first or even second choice, if this is the way the law will provide clarity for all of us, we look forward to that ultimate resolution.
Yeah, I think this is so important because Coinbase can clean up a path for other exchanges and other best business providers in the future. So thank you for your sacrifice.
Well, we're happy to do it. You know, and I should say also that we recognize that as a leading cryptocurrency platform, Coinbase has a responsibility to the entire industry to achieve this clarity, whether we have to take on that burden ourselves or in concert with our partners.
Yeah. So for you, I think your background is so interesting because you also served in the past as a judge in the United States. And how did you evaluate the current US crypto regulation right now in this stage?
Well, you are right to point out that earlier in my career I did serve as a judge in the federal courts in the United States. I sat in the courthouse responsible for Silicon Valley and so had the privilege of presiding over many important cases involving global technology firms—Apple, Samsung, Oracle, Google, you name it, they all made their way to my courtroom in one form or fashion. But from that experience, I came to see that there was still so much to be done in private practice to help shape the law and achieve clear rules for industries that were going to change the way that we would all live. And so that's why I decided now over eight years ago to step off the bench, return to industry, and hopefully for cryptocurrency bring the same type of clarity and common sense that I tried to achieve as a judge.
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