Coinbase does not fear competition from Wall Street, says exchange executive

Coinbase is not at all concerned with the increasing competition from Wall Street giants or other traditional financial institutions, the crypto exchange’s head of Policy for Europe told CoinDesk on Friday.

“We have always said that a rising tide lifts all ships,” said Katie Harries, adding that Coinbase is “not at all” worried about the increasing involvement of financial institutions in the United States and around the world in crypto.

The company recently posted a loss of $1.49 per share, compared with analyst expectations for a $0.27 profit. Also in the first week of May, Coinbase announced a 14% workforce reduction.

In a brief written interview regarding the Stand With Crypto (SWC) events on Friday, Harries said that the mobilization of people worldwide 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 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 beyond are not here because a financial institution told them to be. They are here because they believe in this technology and want their governments to support it.”

‘Voters do care about crypto’

Harries also spoke of the American voter. While U.S. citizens do not have crypto top of mind going 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 expressing the contrary. “Stand With Crypto has over 3.7 million advocates across six markets. Its members have contacted their lawmakers more than 2.5 million times.”

The Coinbase executive also said that signals “the crypto voter is a permanent fixture in the political landscape, not just in the United States but across 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 just 1% ranked crypto as their top concern. The survey was evenly split between Republican and Democrat respondents (41% of respondents identified with each party to some degree), with a credibility interval of plus or minus 3.53%.

‘Time for sensible regulation is now’

Harries called on regulators worldwide to adopt sensible crypto frameworks, saying the time to do so is now. “The window to shape sensible crypto regulation is open, and the people gathering at the events on Friday are watching.”

SWC is, according to Coinbase, the world’s largest crypto-advocacy organization with over 3.7 million members globally.

Harries’ words come as SWC stages 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, said Coinbase in a statement shared with CoinDesk.

During the global event, a livestream will feature discussions on ecosystem and policy developments worldwide.

Coinbase’s statement notes the event takes place at a critical moment for crypto as market structure legislation advances through the U.S. Congress.

Faryar Shirzad, Chief Policy Officer at Coinbase, a Stand With Crypto partner, said that this Friday, the rally “proves 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 that a reality. This hunger for financial progress isn’t confined to any one nation.”

Shirzad also said that “getting crypto regulation right 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-world bitcoin transaction. On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas. That bitcoin at current prices is worth roughly over $770 million.