Coinbase is not at all worried 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 have always said that a rising tide lifts all boats,” said Katie Harries, adding that Coinbase is “not at all” concerned about the growing involvement of financial institutions in the United States and around the world in cryptocurrencies.
The company recently posted a loss of $1.49 per share, compared to analyst expectations for a profit of $0.27. Also in the first week of May, Coinbase announced a 14% workforce reduction.
In a brief written interview about Friday’s Stand With Crypto (SWC) events, Harries said that 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 chose cryptocurrencies because they believe in what they represent: open, accessible, peer-to-peer finance,” Harries said. “The people gathered today in London, Paris, New York, Sao Paulo and beyond are not here because a financial institution told them to. They are here because they believe in this technology and want their governments to support it.”
‘Voters care about cryptocurrencies’
Harries also spoke about the American voter. While U.S. citizens don’t have cryptocurrencies on their minds heading into the November midterm elections, voters do care about digital assets and have contacted their lawmakers millions of times to let them know, Harries said.
“Voters do care, and the numbers make that clear,” Harries said, refuting recent statements by senators who express the opposite. “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 this indicates that “the crypto voter is a permanent fixture in the political landscape, not just 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 US voters across the country showed that only 1% ranked cryptocurrencies as their top concern. The survey was evenly split between Republican and Democratic respondents (41% of respondents identified with each party to some extent), with a credibility interval of plus or minus 3.53%.
“Now is the time for sensible regulation”
Harries called on regulators around the world to adopt sensible crypto frameworks and said now is the time to do so. “The window for shaping sensible crypto regulation is open, and the people who will gather 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 livestream will feature discussions on policy and ecosystem developments around the world.
Coinbase’s statement notes that the event comes at a critical time for cryptocurrencies as market structure legislation moves through the US Congress.
Faryar Shirzad, chief policy officer at Coinbase, a Stand With Crypto partner, said this Friday’s rally “demonstrates that the crypto voter is a global phenomenon. People around the world want the freedom to exchange value peer-to-peer, and they want their governments to help make it a reality. This hunger for financial progress is not limited to any particular nation.”
Shirzad also said that “getting cryptocurrency regulation right is one of the most critical policy challenges of our generation, and requires a global effort, not just action in Washington.”
Bitcoin Pizza Day has become a celebrated moment for millions of cryptocurrency users as it commemorates the first real-world bitcoin transaction. On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas. That bitcoin at current prices is worth approximately more than $770 million.
