Source: Caixin News
Author: Xia Junxiong
① Coinbase CEO Brian Armstrong predicts that regardless of which party wins, the next USA government will take a constructive stance towards Cryptos;
② Cryptos have long been seen as a high-risk Industry and are subject to strict scrutiny by regulatory authorities, but this situation has recently changed.
On Thursday (August 2) local time, Brian Armstrong, CEO of Coinbase, the largest Cryptos Exchange in the USA, predicted that regardless of which party wins, the next USA government will take a constructive stance on Cryptos.
Coinbase released its Earnings Reports for the second quarter of 2024 on Thursday. The reports show that Coinbase's revenue for the second quarter was $1.45 billion, up 104.8% year-on-year, exceeding the Analyst's expectation of $1.39 billion; the second quarter's trading income was $0.7809 billion, while the Analyst's expectation was $0.7451 billion; the net income for the second quarter was $36 million, with an EPS of $0.14.
Cryptos have long been viewed as a high-risk Industry under rigorous scrutiny by regulatory agencies, but this situation has changed recently. With Wall Street Institutions increasingly valuing Cryptos, USA regulators have approved Cryptocurrency Funds, enhancing their mainstream appeal. Both the Republican and Democratic parties have begun to recognize the growing influence of this Industry.
Armstrong stated in a conference call following the Earnings Reports that as an important voting group, Cryptos advocates are making their voices heard, and politicians from both parties have noticed this, leading to increasingly strong momentum for comprehensive legislation related to Cryptos.
The three political action committees supporting Cryptos, Fairshake, Defend American Jobs, and Protect Progress, have raised over $0.23 billion to support friendly candidates.
Republican presidential candidate Trump stated last week that if he returns to the White House, he will ensure the government retains 100% of its Bitcoin holdings and will classify Bitcoin as a strategic reserve Asset of the USA.
Media reports indicate that Vice President and Democratic presidential candidate Harris's advisors have also reached out to top Cryptocurrency companies to improve relations.
AJ Bell Analyst Dan Coatsworth stated: "Donald Trump supports Cryptos, and if he wins, it could theoretically bring a tailwind to the Industry. We still do not know Kamala Harris's stance, but reports suggest she may take a softer approach than Joe Biden."
The USA Supreme Court overturned the so-called "Chevron deference" last month, significantly reducing the authority of federal agencies to interpret the laws they enforce, which Analysts believe is beneficial for the Cryptocurrency Industry.
Coinbase and the USA Securities and Exchange Commission (SEC) are in a legal battle. The SEC sued Coinbase in March of last year, claiming it was an unregistered broker. Coinbase subsequently filed a countersuit in April of last year.
Armstrong praised the actions of the USA Supreme Court, stating: "We believe this case is a sign of the Supreme Court's skepticism towards agency overreach, which is positive for our Industry overall."
Editor/Jeffy
Comment(2)
Reason For Report