Coinbase CEO: Platforms should not make investment decisions for users; high-risk products need enhanced risk disclosure.

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Jinse Finance reported on June 28, @zooko发文称, "I spoke with a user who is young, lacks financial knowledge, has poor economic conditions, and belongs to a group with extremely low risk tolerance. He has the Coinbase app installed on his phone, and the platform is now constantly pushing content that guides him to participate in sports betting and Bitcoin price speculation. I find this deeply repulsive, and I'm even ashamed to be in this industry."
In response to this comment, Coinbase CEO Brian Armstrong said, "That's an interesting perspective, and I appreciate your thoughts. I believe this matter requires finding a balance between the two.
I support freedom. As long as they do not harm others, adults with full legal capacity should have the right to decide how to use their own funds. I don't want the company to restrict users with a 'making decisions for users' attitude, or tell them which investments they can or cannot make. Many people view stock trading as gambling, and some might consider early purchases of Bitcoin or Zcash to be a form of gambling. In fact, no investment is absolutely safe, and what counts as 'acceptable' investment is inherently subjective.
However, I also believe that aggressively promoting high-risk products to inexperienced ordinary users is not appropriate. 'Providing choices' and 'making it the core recommendation of the product' are two different things.
We can reduce risks in some ways, such as providing clear risk disclosures, using AI to offer financial literacy education tools, and creating personalized product experiences. Users can set their own preferences during registration (e.g., enable or disable certain product categories), allowing the app to display according to their own wishes, rather than imposing the same choice on everyone.
As for controversial topics like sports prediction markets, I believe that ultimately, society should decide through democratic processes which behaviors are permissible, rather than having private companies draw those boundaries."
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