In the aftermath of Super Tuesday, Coinbase Chief Policy Officer (COIN) Faryar Shirzad joins Yahoo Finance Live to discuss how the election could impact the crypto market and the broader digital asset ecosystem Discuss whether there is a gender.
Shirzad believes the Super Tuesday result is an “opportunity” for Americans who own cryptocurrencies to “demonstrate their desire to participate in the political process.” He expressed continued surprise at the rapid growth rate of people using cryptocurrencies, particularly on the Coinbase platform, and said Super Tuesday “demonstrates that it can be effective” if given the necessary tools. I think it's an opportunity.
Shirzad says the opportunities for new users in the cryptocurrency space are “huge.” He attributed Coinbase's global reach to the global adoption of “clear and enforceable rules” and “concentration of interests” among lawmakers around the world. Shirzad hopes the US election will be a “tipping point” that will allow for clear and consistent regulation of cryptocurrencies in the future.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor's note: This article was written by angel smith
video transcript
Sheena Smith: Well, Bitcoin has regained momentum today and is heading back towards its recent highs. While the market is digesting the latest price movements, there are several other important events that are set to test the cryptocurrency space. Results were also obtained on Super Tuesday and the State of the Union.
We would like to welcome Faryal Shirzad. He is Coinbase's Chief Policy Officer and provides an in-depth look at the current state of cryptocurrencies. Fariyah, I'm really happy to have you back on Yahoo Finance. First, let's take a look at the results from Super Tuesday.
The fact that certain candidates were able to win. Could it potentially advance the crypto agenda and be a catalyst for Bitcoin prices in the coming months and years?
Fayal Shirzad: That's a good question. It is unclear how much this will trigger a rise in the price of Bitcoin. But for the 52 million Americans who own cryptocurrencies, it was an opportunity to show they really want to participate in the political process.
We started with Coinbase, a grassroots movement of Stanford crypto organizations. And we are continually surprised and very excited by the degree to which our community wants to be involved. We have approximately 300,000 people who have signed up to support us. And Super Tuesday was a perfect opportunity to demonstrate that they can act forcefully if given the means to do so.
That's a great start. And we look forward to allowing our communities to be part of the political process this election year.
Brad Smith: Yeah. And it's not just here in the US. It's been a record year for people expected to take part in elections around the world. Even if Coinbase sees some of the potential opportunity in new users, how will that change its trajectory?
Fayal Shirzad: Well, the opportunities are huge. Remember, Coinbase started with a significant commitment to compliance and meeting regulatory expectations in every market in which we operate.
With a few exceptions, stepping outside the United States, most jurisdictions, and certainly all major financial centers, have adopted very clear and enforceable rules. This means there is real cooperation and convergence of interests between the crypto community and policymakers in the EU, the UK, Singapore, Australia, Brazil, and Canada, where sensible rules are in place.
The process is moving faster in the United States. Unfortunately, the cryptocurrency issue has become a highly politicized issue. And we look forward to seeing the same trajectory of constructive collaboration with the cryptocurrency community to develop good rules occur here in the United States. And we look forward to this election being a turning point in that direction.
Sheena Smith: Mr. Farrier, I'd like to hear some more thoughts on that in terms of prospects for regulatory clarity. What needs to happen? How confident are you that we will see some progress on this front through your conversations with people in Washington, DC?
Fayal Shirzad: I'm very confident. The question really is timing, whether it's this year or next. But now there is a consensus. And the White House is very committed to the need for a stablecoin bill. So Democrats, Republicans, the House, the Senate, the White House, Congress are all on the same page in that we need to move to stablecoins.
Now, clearly the problem is difficult. As with any law, there are some difficult questions that need to be resolved. However, I think there is a good chance that some progress will be made and a stablecoin bill will be passed, perhaps this year.
I think there is a growing consensus that we need to do the same in terms of market structure. But the political calendar is tight. Congress will clearly turn its attention to the election. The presidential election has begun. So the timing is a little different.
But I'm hopeful that we'll continue to see progress in terms of co-sponsors and staff members coming forward and saying I want to be a part of this discussion. And I think that's very exciting for all of us in the community.
Sheena Smith: Yeah. And is he a thing of the past to dispel the stigma surrounding FTX, or is that something you still hear in the conversations you're having?
Fayal Shirzad: Funny thing is, we all want FTX in the industry. In a way, we're hoping his FTX issues go away. But in another sense, it should be front and center. This is a real warning sign to all of us about what happens when there is no clear, organized federal framework or regulatory authority with a clear mandate to oversee this sector.
And then there is FTX, a foreign platform exchange based in a foreign country that operates outside of U.S. rules and engages in the types of conduct it was ultimately found to be involved in. So if policymakers want to avoid another FTX, the federal market structure bill is the way to do it.
Gives the CFTC the authority to regulate crypto products. He will give the SEC some direction on how to create a pathway for issuers to issue crypto securities. And I think another would do well to avoid FTX. And I think this is important and in the common interest of all industry and policy makers.
Brad Smith: Now that Super Tuesday has passed, it is clearly a rematch between former President Trump and current President Biden. Is there a better candidate that the crypto community will rally around?
Fayal Shirzad: Well, I think our job in the industry is to set the table for candidates to decide what direction they want to go in terms of crypto issues. We need to keep this innovation here in the U.S., with more and more congressional candidates stepping up in really important races across the country, including Adam Schiff, who finished first in California's Super Tuesday primary. It was great to see someone claiming that there is. . California builders and innovators who are part of California's vitality. And as a candidate, I want them to stay here and build here.
Adam Schiff did it. I think it worked out well for him. He had several other candidates scheduled to vote on Super Tuesday do the same. But there are a lot of candidates who have stood up and raised their hands, and they said, “I support cryptocurrencies.” And we are very happy about it.
And we expect presidential candidates to take advantage of the opportunity to speak to 50 million Americans, just as some Congressional candidates have.
Brad Smith: Faryar Shirzad, Chief Policy Officer at Coinbase, thank you very much for taking the time this morning. appreciate.
Fayal Shirzad: thank you. Thank you for having me on board.
Brad Smith: surely.
