New Hiring Plans at Coinbase
Washington, D.C. — Following a recent crypto summit at the White House, Coinbase CEO Brian Armstrong revealed that the cryptocurrency exchange intends to hire 1,000 new employees in the United States. This decision comes as the industry experiences promising policy changes during President Donald Trump’s second term.
Armstrong expressed optimism about the evolving regulatory landscape, stating, “It’s only been, what, 50 days or something like that, and it’s already created enough of a tailwind that we feel more confident in investing in the United States and growing our business here.” The planned hiring is set to take place within this year.
Regulatory Developments Benefiting Coinbase
Coinbase has recently seen significant progress regarding its legal battles. The U.S. Securities and Exchange Commission (SEC) has decided to withdraw its enforcement actions against Coinbase, allowing the company to shift its focus away from protracted legal disputes. This shift means that essential regulatory questions regarding digital assets will now be addressed in Congress rather than through the courts, enabling Coinbase to allocate its resources more effectively.
Insights from the White House Crypto Summit
Armstrong was one of many industry leaders present at the White House’s State Dining Room for the inaugural crypto summit, where key regulators and senior Republican members of Congress gathered. A notable highlight of the event was President Trump’s recent executive order advocating for the establishment of a Bitcoin (BTC) reserve, a move that Armstrong fully supports.
“You can’t really have a better holder of this asset than the United States government,” he remarked. “It’s becoming a core piece of the financial system, and I think it’s going to be a part of every diversified portfolio over time.”
Political Engagement and Industry Advocacy
Coinbase has also played a crucial role in the political landscape, investing tens of millions of dollars into the crypto-focused political action committee Fairshake during the 2024 election cycle. Armstrong confirmed that Coinbase will continue to support this super PAC, which has been effective in promoting pro-crypto candidates.
A Promising Future for Cryptocurrency in the U.S.
Bo Hines, the executive director of the President’s Working Group on Digital Assets, emphasized the significance of the summit, characterizing it as a demonstration of Trump’s dedication to the cryptocurrency sector. “The president made a promise that he’s going to make this country the crypto capital of the planet, and we’re well on our way in delivering that promise,” he stated in an interview after the summit, which prominently featured discussions around the proposed crypto reserve.
He also addressed concerns regarding the initial organization of the Bitcoin reserve, assuring that U.S. Treasury and Commerce secretaries are tasked with exploring methods to acquire Bitcoin without placing a burden on taxpayers, and both secretaries are eager to investigate potential avenues for doing so.
With these developments, the future of cryptocurrency in the U.S. appears to be gaining momentum, paving the way for new opportunities and growth within the industry.
