Coinbase is not at all concerned about growing competition from Wall Street giants or other traditional financial institutions, the crypto exchange’s head of European policy told CoinDesk on Friday.
“We’ve always said that a rising tide lifts all ships,” Katie Harries said, adding that Coinbase was “not at all” worried about the growing involvement of financial institutions in the United States and around the world in crypto.
The company recently reported a loss of $1.49 per share, while analysts were expecting a profit of $0.27. Also in the first week of May, Coinbase announced a 14% workforce reduction.
In a brief written interview regarding Friday’s Stand With Crypto (SWC) events, Harries said the mobilization of people around the world shows that the established crypto industry has a community behind it that no traditional financial institution can replicate.
“Millions of people around the world have chosen crypto because they believe in what it represents: open, accessible, peer-to-peer finance,” Harries said. “The people gathered today in London, Paris, New York, Sao Paulo and elsewhere are not here because a financial institution asked them to. They are here because they believe in this technology and want their governments to support it.”
“Voters care about crypto”
Harrys also spoke about the American voter. Although U.S. citizens may not have crypto on their minds ahead of the November midterm elections, voters care about digital assets and have contacted their lawmakers millions of times to let them know, Harries said.
“Voters care, and the numbers clearly show that,” Harries said, refuting recent statements from senators to the contrary. “Stand With Crypto has more than 3.7 million advocates across six markets. Its members have contacted their legislators more than 2.5 million times.”
The Coinbase executive also said that this signals that “the crypto voter is a permanent part of the political landscape, not only in the United States but around the world. Policymakers who have been slow to engage with this community should take note.”
A CoinDesk survey of 1,000 randomly selected U.S. voters across the country showed that only 1% ranked crypto as their top concern. The survey was evenly split between Republican and Democratic respondents (41% of respondents identified to some extent with each party), with a credibility interval of plus or minus 3.53%.
“The time has come to adopt sensible regulations”
Harries called on regulators around the world to adopt sensible crypto frameworks, saying now is the time to do so. “The window for shaping reasonable crypto regulation is open, and those gathered at Friday’s events are watching.”
SWC is, according to Coinbase, the world’s largest cryptocurrency advocacy organization, with more than 3.7 million members worldwide.
Harries’ words come as SWC hosts 500 events across four continents and six markets, including the United States, United Kingdom, Canada, Australia, Brazil and the European Union.
The events coincide with Bitcoin Pizza Day, Coinbase said in a statement shared with CoinDesk.
During the global event, a live stream will feature discussions on ecosystem and policy developments around the world.
Coinbase’s statement indicates that the event comes at a critical time for crypto, as market structure legislation advances in the US Congress.
Faryar Shirzad, director of policy at Coinbase, a Stand With Crypto partner, said that this Friday’s rally “proves that the crypto voter is a global phenomenon. People around the world want the freedom to exchange value among peers, and they want their governments to help make that a reality. This thirst for financial progress is not limited to any one nation.”
Shirzad also said that “properly regulating crypto is one of the most critical policy challenges of our generation, and it requires a global effort, not just action in Washington.” »
Bitcoin Pizza Day has become a celebrated moment for millions of crypto users, commemorating the first real Bitcoin transaction. On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas. This bitcoin, at current prices, is worth approximately over $770 million.
