Coinbase has adopted an intriguing stance on banking regulators in Washington, D.C. The Coinbase “Stand with Crypto” campaign has reached coffee cans as the exchange and industry players gathered in Washington, D.C.
On September 27, the exchange’s CEO Brian Armstrong and crypto entrepreneurs located in the United States traveled to Washington, D.C., to encourage lawmakers to embrace a new set of rules for digital currency.
Coinbase goes into full regulation campaign mode
According to Armstrong, forty crypto founders from across the United States accompanied Coinbase to the nation’s capital. The CEO of the crypto exchange believes it is time for the United States to join the rest of the G20 and implement a set of clear regulations for the crypto industry.
Earlier in the summer of 2023, the Republican-led House Financial Services Committee and House Committee on Agriculture approved these regulations. If the rules are implemented, crypto companies will be able to comply with regulations without too many obstacles.
According to some reports, Coinbase faces an uphill battle despite its efforts. Observers caution that the law may receive less attention due to the federal budget dispute and increased Senate efforts to combat crypto money laundering.
The Coinbase Stand with Crypto campaign follows legal actions taken by the United States Securities and Exchange Commission (SEC) against the crypto exchange. The SEC filed a lawsuit against Coinbase on June 6 for allegedly violating securities laws by offering unregistered securities on its crypto trading platform.
Before reaching coffee cans, the exchange issued nonfungible tokens (NFTs) to garner the support of the crypto community in its struggle for favorable crypto policies. However, community members were divided, with some offering support by minting the NFTs while others doubted its effectiveness.
Coinbase launches Futures Trading for global retail crypto traders
Today, the crypto exchange announced that its international arm, Coinbase International Exchange, has obtained authorization from the Bermuda Monetary Authority (BMA) to offer perpetual futures to qualified non-U.S. retail consumers.
According to the blog post, the exchange intends to release regulated perpetual futures contracts on its Coinbase Advanced platform “in the coming weeks.”
This announcement is consistent with the company’s “Go Broad, Go Deep” strategy, which emphasizes global collaboration with regulatory authorities. “We are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation,” explained in the post.
As stated on its blog, the exchange’s goal is to help influence the legal framework not only in the United States but also internationally.
In expanding greater access to perpetual futures to eligible non-U.S. customers, we are excited to further our mission to help update the global financial system and provide more economic freedom and opportunity for users around the world.
Coinbase Blog Post
Moreover, in an environment where multiple crypto exchanges encounter regulatory challenges, the exchange seeks to distinguish itself as a dependable and secure option.
Our perpetual futures contracts have been built within rigorous compliance standards on Coinbase International Exchange and have already seen over $5.5 billion in notional trading volume from institutions as of Q2 […] Coinbase International Exchange follows the robust regulatory framework established by the BMA, maintaining high standards of risk management, compliance, and user protections.
Blog Post
On the exchanges advanced platform, non-U.S. retail dealers can now verify their eligibility for perpetual futures as of today.
