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Highlights
- Coinbase said that it continues to demand clarity from the U.S. SEC over crypto regulations.
- The exchange also disclosed its political engagements and support for Fairshake PAC.
- The goal of this super PAC is to support pro-crypto candidates during the next election.
On Thursday, May 2, cryptocurrency exchange Coinbase (NASDAQ: COIN) announced its Q1 results with higher-than-expected revenue amid the strong run-up in the cryptocurrency market and the launch of the spot Bitcoin ETFs.
Coinbase Opens Up About SEC Lawsuit
Coinbase Global Inc. delved into its ongoing legal matters with the US Securities and Exchange Commission (SEC) and its political contributions while unveiling better-than-expected results for the first quarter.
The leading US cryptocurrency exchange highlighted a Manhattan federal court’s ruling in March, which dismissed the SEC’s allegation that Coinbase operated as an unregistered broker via its Wallet service in its shareholder letter. However, it also noted that the court rejected the company’s motion to dismiss the case entirely. In a note to investors, Coinbase noted:
“Clarity is the ultimate goal and the court’s decision continues us on that path. We remain confident in the strength of our legal arguments and are fully prepared for an intensive discovery phase throughout the remainder of the year.”
Crypto Exchange Talsk About Political Donations
The cryptocurrency exchange also emphasized its political engagements, disclosing its support for Fairshake PAC, a prominent super PAC in the United States. Coinbase stated that the political action committee backs candidates from both parties who are supportive of cryptocurrency, highlighting the influence of the pro-crypto movement.
Notably, during the March primary elections, crypto supporters made significant strides in states like California, Texas, and Alabama, aiding pro-crypto candidates in advancing beyond the primaries.
In a notable Senate primary race in March, cryptocurrency lobbying efforts were attributed to the defeat of Democratic Representative Katie Porter, known for her critical stance on the digital asset industry.
The strong results for Coinbase in Q1 came on the heels of a strong crypto market rally in that period. As enthusiasm for the leading cryptocurrency begins to fade in April, analysts are growing apprehensive about the potential impact on demand from one of Coinbase’s key clientele i.e. individual investors.
John Todaro, an analyst at Needham & Co., expressed concerns that the second quarter may not match the strength of the first quarter and warned that the recent downturn in crypto prices could erode the gains made in retail user participation.
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