In your TradeTalks interview at Consensus, you noted that “crypto is here to stay.” How do you see the crypto space evolving in the short and long term?
We’ve entered a new era for crypto, one defined not by regulatory uncertainty, but by momentum toward collaboration and clarity. This administration has shifted the tone: Regulation by enforcement is being replaced by constructive dialogue and a goal to craft clear, fair rules through legislation and reasonable agency rulemaking. In the near term, the most critical priority is establishing a comprehensive federal framework that outlines how the SEC and CFTC oversee digital assets. This framework must protect consumers, foster innovation, and end the jurisdictional tug-of-war that has slowed progress. Encouragingly, we’re seeing bipartisan support in Congress to get this done.
Looking longer term, crypto is poised to help reshape the backbone of our economy. One underreported area is how small businesses are already tapping into crypto to reduce costs, reach new customers, and modernize payments. Nearly one in five small businesses use crypto in some form today, whether for accepting payments, accessing capital, or improving efficiency. This is a powerful reminder that crypto’s utility goes far beyond speculation. It’s about economic access, participation, and long-term resilience.
At the start of this administration, the SEC established a Crypto Task Force. You also noted that Washington has recently made quite a bit of progress around digital asset legislation that protects investors while fostering innovation, such as the GENIUS Act. What other regulations around crypto are needed and how is Coinbase preparing for potential regulatory changes? What lessons can the U.S. learn from other countries’ crypto regulations?
Every step toward bipartisan regulatory clarity is a win for consumers, builders, and the U.S. economy. The GENIUS Act is the strongest signal yet that crypto’s day on Capitol Hill has arrived. If lawmakers want to protect consumers and empower entrepreneurs, regulation isn’t optional — it’s essential. At Coinbase, we support this momentum and continue to advocate for policies that both safeguard users and solidify America’s leadership in financial innovation.
To fully unlock the potential of digital assets, we need a clear market structure framework at the federal level. This would provide guardrails for how the SEC and CFTC oversee crypto markets, ending the current regulatory turf war. Just as important, it would eliminate the inefficiencies of a state-by-state patchwork and give innovators the confidence to build in the U.S. We’re encouraged to see both committees in Congress moving toward this clarity with markups on the horizon.
Around the world, we’ve seen how smart, innovation-friendly regulation drives progress. From Europe to the UAE, governments are setting national standards that welcome blockchain-based solutions while ensuring consumer protections. Now it’s America’s turn. The U.S. must seize this opportunity to move beyond fragmented approaches and act decisively. The future of finance is at stake, and we’re committed to seeing this through.
In a recent interview, SEC Chair Paul Atkins highlighted the rise of stock tokenization. How is Coinbase preparing and adapting for this latest development in the digital asset space?
Tokenization is one of the most promising frontiers for the future of finance and a major priority for Coinbase. We believe everything will eventually move on-chain — from real estate and treasury markets to equities and fundraising mechanisms like IPOs. The reason is simple: Tokenized assets provide faster settlement, lower costs, and broader access for investors.
We’re already seeing this shift play out in real time. Stablecoins like USDC and EURC have become foundational to on-chain finance, demonstrating the benefits of digitized money. Beyond that, real-world asset (RWA) tokenization has grown 245-fold in just five years, from $85 million in April 2020 to more than $21 billion in April 2025. At Coinbase, we’re building the infrastructure, partnerships, and regulatory readiness needed to support this transition at scale.
As demand for tokenized stocks and other RWAs continues to grow, we’re focused on ensuring our platforms are ready to securely host, trade, and custody these new digital financial products. It’s not just a technical evolution; it’s a reimagining of capital markets that could unlock access and efficiency for millions.
You also highlighted the potential for open networks to support economic activity beyond buying and trading assets. Can you elaborate on the opportunities an open network or permissionless system provides? And how is Coinbase looking to build this out for the future?
Open, permissionless networks have the power to radically broaden who participates in the global economy. These systems enable anyone, regardless of geography or income, to access services like payments, lending, and identity verification. They also allow developers to build freely, without needing permission from a central authority. At Coinbase, we believe this openness is essential to building a more inclusive and efficient financial system.
That’s why we launched Base, an Ethereum Layer 2 incubated by Coinbase. Base is designed to bring the next billion users onchain by making it cheaper, faster, and easier to build decentralized apps. But we’ve also been intentional about how we build. As outlined in our neutrality principles, we’ve committed to ensuring Base remains open to all builders, refrains from censoring or privileging particular actors, and aligns with public goods. We’re also fostering a vibrant ecosystem through developer grants, infrastructure tooling, and partnerships that promote permissionless innovation.
The future is about creating systems that work better for everyone. We believe open networks are the foundation for that future.
What are some of your biggest takeaways after this year’s Consensus conference?
This year’s Consensus made one thing clear: Crypto has turned a corner. The mood was optimistic, grounded in real policy wins and the shared recognition that the U.S. can lead if we get regulation right. One of my biggest takeaways is how far we’ve come, from fighting for legitimacy to working hand-in-hand with lawmakers on meaningful legislation.
As I shared during the conference, the era of regulation by enforcement is ending, and we’re entering a new phase of collaboration. We saw strong bipartisan engagement on crypto across multiple panels and discussions. This kind of momentum is rare, and it shows that our message is resonating: If America wants to lead in the next wave of technological innovation, we need clear rules and smart policy now.