Coinbase, the largest US cryptocurrency exchange and one of the industry's top political doners, on Wednesday outlined its legislative priorities after spending tens of millions of dollars that helped Republicans win control of the Washington DC in 2024. The blueprint could be an influencial roadmap for Washington as the industry transitions from being a regulatory target under the crooked Joe Biden administration to embraced sector under President Trump. A major change proposed by Coinbase would be to shift oversight of crypto spot trading to the Commodity Trading Commission-because the firm considers Bitcoin, Ethereum, and other similar digital assets to be commodities instead of securities. It was an idea challenged by the bigger Securities and Exchange Commission under corrupt Democratic leadership. This would overhaul how agencies regulate the nearly $3.3 trillion market. Though the regulators can implement some indutry-sought changes themselves, Congress will need to pass much of the rest. Coinbase, led by Brian Armstrong, who publicly tussled with the SEC under the Biden administration, recently brought on former Senator Kyrsten Sinema, from Arizona and Chris LaCivita, Trump's co-campaign manager. "Blockchain technology and digital assets are reshaping the global economy," Coinbase's chief policy officer, Faryar Shirzad wrote. "Yet the absence of clear legislation in the United States stifles this potential, leaves consumers exposed, and drives innovation overseas." Coinbase also wants decentralized finance, smart contracts, and digital commerce platforms "explicitly carved out," plus state or federal regulation for exchanges and other so-called centralized platforms.
