Bitcoin: How Super Tuesday influenced the crypto agenda
In the aftermath of Super Tuesday, Coinbase’s Chief Policy Officer, Faryar Shazad, sat down for an interview with Yahoo Finance to discuss the impact of the US election on the crypto community. The interview covered a range of topics including the potential for the political process to advance the crypto agenda, the global opportunities for the industry in light of increasing participation in elections, regulatory clarity, and FTX.
Super Tuesday as a catalyst for crypto
Shazad noted that Super Tuesday was a significant opportunity for the 52 million Americans who own crypto to show that they want to be involved in the political process. Coinbase has started a grassroots movement via the “Stand with Crypto” organization, and the response has been overwhelming. The company has around 300,000 advocates who have signed up to be a part of the movement.
It’s not just the US that’s seeing a significant increase in participation in elections; the world is expected to see record numbers of people participating in votes this year. Shazad believes that this presents a real opportunity for the crypto industry as there is convergence between the community and policymakers in markets outside the US. With sensible rules being put into place in the EU, UK, Singapore, Australia, Brazil, and Canada, there’s enormous potential for new users.
Regulatory clarity is key
While other countries have been moving towards clarity and sensible rules for some time, the US has seen a lot of politicking around the issue. Shazad is hopeful that this year, or next, will see some progress towards stable coin legislation. He believes there’s a consensus among Democrats, Republicans, and legislators in the House, Senate, and White House that this is a move in the right direction. He’s cautiously optimistic that we may even by the end of this year have an enactment of a stable coin bill.
The industry also needs progress on market structure, there’s a consensus emerging that we need that too, but Congress is going to turn its attention to the presidential elections this year, so the timing remains less certain. Shazad is hopeful that as the debate continues, we’ll see progress in terms of members stepping up to support it.
FTX and the need for Federal Framework
FTX was a significant warning sign to the industry that there’s a real risk from operating outside of the US’s regulatory framework. Shazad believes that FTX is an issue that we need to tackle, as it shows the dangers of not having a clear and organized federal framework. A federal market structure bill could help to avoid a situation like FTX in the future.
The role of the crypto industry
Shazad believes that it’s up to the industry to set the table for the candidates to decide where they want to be on the crypto issue. He’s heartened by the number of candidates who have stepped up and said they stand with crypto, including Adam Schiff, who came first in the California primary on Super Tuesday. There is a real opportunity for presidential candidates to speak to the 50 million Americans who own crypto, just as some of the congressional candidates have.
Hot Take: Super Tuesday: a call to arms for the crypto community
Super Tuesday demonstrated that Americans want to be a part of the political process, and those who own crypto are no exception. With increasing numbers of people expected to participate in elections globally this year, there’s enormous potential for the crypto industry. While the US is behind other markets in creating sensible rules, there’s a consensus among policymakers that there needs to be regulatory clarity. Shazad is cautiously optimistic that we may soon see progress on stable coin legislation. The community needs to continue to set the table by pushing its case to candidates and having their voices heard.
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