Coinbase reportedly plans to continue its “high spending policy” through the US presidential election and beyond.
Beyond the U.S. election, the cryptocurrency exchange will continue its spending stance as it faces challenges in other parts of the world, Coinbase Chief Financial Officer Alesia Haas said on Wednesday (Sept. 4), according to a report from Seeking Alpha.
Speaking at Citi’s Global TMT Conference, Haas also said that crypto regulation would create clarity in the industry, Coinbase is pleased to see a bipartisan effort to seek such legislation, and the company will work with any administration or lawmaker to achieve it, according to the report.
It was reported in June that Coinbase donated $25 million to crypto political action committee (PAC) Fairshake, adding to the massive amount of funds the crypto industry has stockpiled for this year’s elections.
“As part of our mission to increase economic freedom by increasing the adoption of cryptocurrencies, we are deeply engaged in policy efforts,” Coinbase said at the time.
The evolving regulatory landscape surrounding crypto in the United States was a major topic during Coinbase’s latest earnings call on August 1, and company executives took a positive outlook.
“We are increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on cryptocurrency,” Coinbase CEO Brian Armstrong said on the call. “The rhetoric has changed… there is real energy in the House and Senate to pass meaningful legislation.”
Executives said on the call that the approval and launch of Ethereum (ETH) exchange-traded funds (ETFs) was a “major step forward” for regulatory clarity because it confirmed that ETH is not a security.
They added that Coinbase saw USDC become the first stablecoin to comply with the European Union’s landmark Markets in Crypto Assets (MiCA) regulatory framework.
The need for clear regulatory frameworks is one of the most pressing issues facing the crypto and blockchain space, as regulatory clarity is crucial to the widespread adoption and growth of cryptocurrencies, PYMNTS reported in July.
Clear regulations can protect consumers, reduce fraud, and encourage institutional investment, while regulatory uncertainty or overly restrictive regulations can stifle innovation and hinder technological advancements, lead to market instability, and push companies to more crypto-friendly jurisdictions.
