Coinbase: No need to fear Wall Street competition, "crypto voters" have become a global political norm

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Coinbase Head of European Policy Katie Harries stated that she is not afraid of Wall Street giants entering the crypto space, emphasizing that the power of the grassroots community is an advantage that traditional finance cannot replicate. Stand With Crypto (SWC) held simultaneous events in over 500 locations worldwide on Bitcoin Pizza Day, demonstrating that "crypto voters" have become a political force that cannot be ignored. Coinbase also called on global regulators to seize the window of opportunity to promote reasonable frameworks. (Previous coverage: Coinbase withdraws support for the "CLARITY Act"! Ban on stablecoin interest sparks all-out war between the crypto industry and banks) (Background: Crypto industry invests $193 million to prepare for US midterm elections, opposition lawmakers become the first targets) "We are not worried at all; a rising tide lifts all boats." Coinbase Head of European Policy Katie Harries gave this blunt response regarding the trend of Wall Street giants making a major push into the cryptocurrency space. As traditional financial institutions—from BlackRock and Franklin Templeton to JPMorgan—continue to deepen their engagement with digital assets, the market had expected that native crypto exchanges like Coinbase might face unprecedented pressure. However, Harries emphasized that Wall Street's resource advantage cannot replicate the bottom-up grassroots support network of the crypto community. Harries' remarks came as the Coinbase-led crypto advocacy organization Stand With Crypto (SWC) held over 500 simultaneous events across four continents and six markets on Bitcoin Pizza Day (May 22). These gatherings spanned London, Paris, New York, São Paulo, and other cities, demonstrating the political mobilization capacity of the crypto community through concrete action. SWC claims to be the world's largest crypto advocacy organization, with over 3.7 million members and a cumulative total of over 2.5 million contacts sent to lawmakers. Harries pointed out that this proves crypto voters have become a permanent part of the political landscape, rather than just a phenomenon unique to the United States. "Millions of people choose cryptocurrency because they believe in the values it represents: open, accessible, peer-to-peer finance," Harries said. "The people gathered today in London, Paris, New York, and São Paulo are not here because financial institutions told them to be, but because they believe in this technology and want the government to support it." However, behind the political optimism, Coinbase is facing severe operational challenges. The company's recent earnings report showed a loss of $1.49 per share, far worse than the analyst expectation of a $0.27 profit per share. At the same time, Coinbase announced a 14% layoff in early May, becoming another heavyweight exchange to streamline its organization during this industry cycle. This makes Harries' political narrative for Stand With Crypto even more critical—by showcasing the voting power of the crypto community, Coinbase is attempting to transform regulatory issues from a cost center into a strategic moat. A CoinDesk survey of 1,000 US voters showed that only 1% view cryptocurrency as a top priority issue (the sample covered approximately 41% each of Republicans and Democrats, with a margin of error of ±3.53%). This survey result creates a certain tension with the narrative of a massive crypto voter base depicted by SWC. But Harries refuted the view that crypto issues are marginalized: "Voters do care, and the numbers prove it. 3.7 million advocates, 2.5 million contacts to lawmakers—these are not fictional." It is worth noting that Stand With Crypto has rated multiple US Congress members who oppose cryptocurrency and has invested significant resources in the 2024 election cycle to support pro-crypto candidates. According to statistics, a total of 284 pro-crypto candidates successfully entered Congress in 2024, setting a historical record. Harries called on global regulators to seize the current window of opportunity to quickly promote a reasonable crypto regulatory framework. "The window for establishing crypto regulation has opened, and the people gathered on Friday are watching," she said. Coinbase Chief Policy Officer Faryar Shirzad set the tone from a higher level: "Establishing the right crypto regulation is one of the most important policy challenges of our generation; it requires a global joint effort, not just actions in Washington." Currently, the US Congress is pushing for market structure legislation, which, if passed, will provide a clearer legal basis for the regulatory classification of crypto assets. Meanwhile, other major global economies—including the EU's MiCA framework and the UK's Financial Services and Markets Act—are also advancing their respective regulatory processes. For the Taiwan market, the evolution of the global regulatory landscape has direct reference value. As Coinbase engages in a tug-of-war with US lawmakers and EU regulators, Taiwan's Financial Supervisory Commission (FSC) is also at a critical juncture in deciding whether to further open up the management of Virtual

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