Coinbase's Talks
With TradFi Firms
Pick Up as Crypto Becomes
More Bipartisan
Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More
Bipartisan
With Republican and Democrat interest in digital assets growing, more
financial institutions are getting comfortable with crypto, a Coinbase
executive told Decrypt.
By Liz Napolitano
Oct 6, 2024 Oct 6, 2024
3 min read
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With digital assets getting more support from both sides of the red-blue
divide, Coinbase's conversations with traditional financial institutions
have been picking up steam, said Shan Aggarwal, the exchange’s vice president
of corporate and business• Экономика » Бизнес development.
In an interview with Decrypt at Messari Mainnet, Aggarwal said that
Coinbase's talks with big financial firms have “taken a turn” in the past
six to nine months, particularly as the cryptocurrency issue• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the U.S• Соединённые Штаты Америки (США). has
become increasingly bipartisan. He said conversations could eventually bring
more traditional financial players into Web3, fueling mass adoption of digital
assets.
“A lot of traditional financial firms [for whom] this might not be their core
business• Экономика » Бизнес are taking note of that, and are thinking... maybe now is the right
time to actually jump into the pool,” Aggarwal told Decrypt .
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He said “troublesome” on-ramps are still a massive pain point for onboarding
the next wave of Web3 users onto the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн. But if traditional financial
institutions move into crypto and help Main Street users deal with the
technical complexities of crypto, then that could pave the way for wider
adoption of digital currencies.
“Having a broader base of banking partners that are working with crypto
companies, streamlining the way that money moves into the ecosystem… reduces
probably the biggest outstanding friction for users to actually use on-chain
apps,” he said.
In May, more than 70 House Democrats crossed the aisle to vote in favor of the
Financial Innovation and Technology for the 21st Century Act (aka FIT21) , a
bill that would implement a regulatory framework for digital assets in the
U.S• Соединённые Штаты Америки (США). And earlier this year, a dozen U.S• Соединённые Штаты Америки (США). Democratic senators united with their
Republican counterparts to pass a resolution to rescind a SEC policy that
harmed banks offering crypto services.
The surge in support for digital assets from Democrats and Republicans comes
as Fairshake, a political action committee, has distributed more than $130
million to politicians ahead of the U.S. general election.
The super PAC’s war chest is the largest of any interest group this election
cycle, holding more than $200 million, data from nonprofit organization
OpenSecrets shows. Coinbase is one of Fairshake's biggest backers, along
with Ripple and VC firm Andreessen Horowitz—and the super PAC's recent
House and Senate endorsements were nearly split even between the two parties.
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"It used to be viewed that crypto was a partisan issue, and I think if
there's anything that we've learned, it's really bipartisan,"
Aggarwal said. "It's not a blue issue or a red issue. It's really a
purple issue."
Additional reporting by Sander Lutz
Edited by Andrew Hayward
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