Is the leading American cryptocurrency exchange, Coinbase, shifting its focus to international markets amidst domestic regulatory ambiguities? The company’s VP of International Policy seems to think so. During a recent interview at Zebu Live, Tom Duff Gordon underscored the growing importance of international scaling for the exchange.
The Importance of International Scaling
According to Gordon, the need to work with everyone is vital as the US remains a crucial market. However, regulatory clarity, while expected, may not be immediate. He stated, “We want to work with everybody because we think the US is a really important market. We need to get that [regulatory] clarity. It may not come tomorrow, but I think we are on a good path to kind of getting that.”
Coinbase’s ‘International First Mentality’
Gordon noted that the US population only accounts for approximately 300 million people. He further emphasized the vision of Coinbase CEO, Brian Armstrong, to bring a billion people into crypto for economic freedom. As such, an ‘international first mentality’ has become the new strategy. “But look, there are only 300-odd million people in the US. [Coinbase CEO] Brian Armstrong’s big vision… is to bring a billion people into crypto. It’s about economic freedom. We can’t just do that in the US anyway. So we are now adopting this ‘international first’ mentality.”
Regulatory Challenges and Victories
In June, the U.S. Securities and Exchange Commission (SEC) sued Coinbase, accusing the company of operating as an unregistered securities exchange, broker, and clearing agency. Despite these challenges, the company registered successfully as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain last month. They also received approval from the Bermuda Monetary Authority (BMA) to offer perpetual digital asset futures to investors outside of the US.
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