Key Takeaways
Coinbase plans to expand token listings, including memecoins, under a more favorable regulatory environment expected with Trump’s administration.
The exchange is diversifying its revenue streams beyond trading to include staking and stablecoin revenue.
Share this article
Coinbase is looking to add support for more smaller tokens, including meme coins, as the company anticipates a more favorable regulatory environment under the incoming Trump administration.
In a recent interview with Bloomberg, Tom Duff Gordon, Coinbase’s VP of International Policy, said the exchange plans to expand its offerings once clear guidelines for the crypto sector are in place.
Regulatory clarity would allow Coinbase to engage with projects and tokens that they “were not able to offer Americans,” said Gordon.
“We’re talking more about some of the smaller tokens, some of the meme coin tokens,” he added.
Coinbase is facing legal hurdles from the SEC regarding its operations and its listed crypto assets. The Commission accuses the exchange of offering trading services for 13 tokens that are considered to be securities without proper registration, including SOL, ADA, and MATIC.
Crypto companies targeted by the securities watchdog also include Binance, Kraken, Gemini, and Ripple Labs, to name a few. The current administration is regarded as hostile to the industry.
Trump promised in May he would end hostility toward crypto and promote a supportive environment for businesses in the US. His support for the industry is expected to ease tensions between the regulator and crypto firms.
Coinbase has expanded its operations internationally and launched a derivatives exchange in Bermuda in response to regulatory challenges in the US. Diversification is necessary to reduce reliance on US trading revenues, according to Gordon.
Yet, the US is still the company’s “most important market,” said Gordon. “It’s where we employ most of our staff. It’s where we have most of our users.”
Coinbase, once selective in listing meme tokens, has expanded its offerings to include more popular options.
While the platform previously focused on leading meme coins like Dogecoin and Bonk, it has recently added Pepe, dogwifhat, and Floki Inu to its list. These listings have led to impressive price surges, particularly for Pepe’s PEPE token, which jumped 50% following the announcement.
Share this article
Be the first to comment