As digital assets gain more support from both sides of the red-blue divide, Coinbase’s dialogue with traditional financial institutions is increasing, said the exchange’s vice president of corporate and business development. said Shan Agarwal, President.
In an interview with Messari Mainnet’s Decrypt, Agarwal said that negotiations between Coinbase and major financial companies have been ongoing in the past six to nine months, especially as crypto issues in the US have become increasingly bipartisan. “We’ve changed direction,” he said. He said the dialogue could eventually bring more traditional financial players onto Web3 and encourage mass adoption of digital assets.
“A lot of traditional financial companies, where this may not be their core business, are looking at this and thinking maybe now might be the right time to really jump into the pool,” Agarwal said. told Decrypt.
He said “tedious” implementation remains a major challenge in bringing the next wave of Web3 users to blockchain. But traditional financial institutions getting into crypto and helping main street users navigate the technical complexities of crypto could pave the way for wider adoption of digital currencies. There is.
“Broadening the base of banking partners working with crypto companies and streamlining how funds move into the ecosystem reduces perhaps the biggest unresolved friction when users actually use on-chain apps. “It will be done,” he said.
In May, more than 70 House Democrats voted across the aisle in favor of the 21st Century Financial Innovation and Technology Act (also known as FIT21), which would introduce a regulatory framework for digital assets in the United States. And earlier this year, more than a dozen U.S. Democratic senators joined with Republican senators to pass a resolution reversing SEC policies that hurt banks that provide cryptocurrency services.
The surge in support for digital assets by Democrats and Republicans comes after political action committee FairShake distributed more than $130 million to politicians ahead of the US general election.
Super PACs have the largest war chest of any interest group this election cycle, holding more than $200 million, according to data from the nonprofit OpenSecrets. Coinbase is one of FairShake’s biggest backers, along with Ripple and venture capital firm Andreessen Horowitz, and the super PAC’s recent support in the House and Senate is split almost evenly between both parties. Ta.
“Previously, cryptocurrencies were seen as a partisan issue, but if we’ve learned anything, I think it’s really a bipartisan issue,” Agarwal said. “This is not a blue or red issue. It’s actually a purple issue.”
Additional reporting by Sander Lutz
Edited by Andrew Hayward
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