Coinbase’s Focus on International Expansion
Coinbase, the leading cryptocurrency exchange in the U.S., is prioritizing its international expansion efforts, according to Tom Duff Gordon, the company’s vice president for international policy. During the Zebu Live 2023 conference in London, Gordon stated that Coinbase aims to bring a billion people into the world of crypto and is therefore increasingly focused on scaling globally, especially considering the current state of cryptocurrency regulation in the U.S.
Last year, Coinbase introduced its “Go Broad, Go Deep” strategy for international markets. As part of this strategy, the company recently obtained registrations as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain and acquired the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS). Coinbase has also secured licenses in Ireland, Germany, the Netherlands, and Bermuda.
Gordon highlighted Singapore as a key hub market due to its progressive regulatory environment. Coinbase currently operates in about 10 markets outside the U.S., with the UK being its top market.
Coinbase’s Approach to US Regulations
Gordon emphasized Coinbase’s commitment to advocating for regulatory clarity in the U.S. He mentioned that ideally, there would be a cooperative process between the exchange and regulators, similar to what has occurred in Europe and Singapore. However, Coinbase is currently facing a lawsuit from the Securities and Exchange Commission (SEC) accusing it of selling unregistered securities.
Gordon expressed Coinbase’s belief that tokens are commodities rather than securities. He acknowledged that navigating regulatory matters in the U.S. is challenging due to conflicts between the SEC and the Commodity Futures Trading Commission (CFTC). Nevertheless, Coinbase is determined to drive regulatory clarity and avoid legal battles with regulators.
The company is actively engaging with colleagues in Washington and seeking support from Congress. Coinbase is prepared to take any necessary steps to achieve its goals, whether through regulatory channels or legislative action. Despite the obstacles, Gordon remains optimistic about the future of cryptocurrency regulation in the U.S.
Hot Take: Coinbase’s Global Expansion and Regulatory Advocacy
Coinbase is doubling down on its efforts to expand internationally and bring economic freedom to a billion people through crypto. The company’s strategy involves securing licenses and registrations in various countries, with a particular focus on progressive markets like Singapore.
In the U.S., Coinbase is dedicated to fighting for regulatory clarity and differentiating tokens as commodities rather than securities. The exchange aims to work collaboratively with regulators and lawmakers to achieve this goal and avoid legal disputes. While challenges exist, Coinbase remains committed to the important U.S. market and believes that progress towards regulatory clarity is being made.
Source: Decrypt
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