Armstrong laid out the company’s approach to regulation on its fourth-quarter earnings call.
Coinbase is contending with a lawsuit from the SEC in which is it accused of operating as an unregistered securities exchange.
(Unchained archives)
Posted February 15, 2024 at 7:02 pm EST.
Coinbase reported strong results in its Q4 2023 earnings call, but the company also emphasized its commitment to helping steer the industry through regulatory uncertainty.
Coinbase reported earnings of $1.04 a share on revenue of $953.8 million, topping analysts projections, even as the company stares down a lawsuit from the SEC and other regulatory uncertainty.
“We remain confident the US will get this right whether it comes from the courts creating new case law, Congress passing new legislation, or ultimately the 52 million Americans who have used crypto voting in this upcoming election,” said Coinbase CEO Brian Armstrong on the company’s earnings call.
Armstrong called out the US once again for its uncertain legislative climate, telling investors Coinbase plans to continue to drive regulatory clarity for the industry, including supporting the $85 million Fairshake Super PAC with the aim of electing crypto-positive candidates.
Armstrong also said the company would continue to fight in the courtroom to get sensible case law passed — a recognition of the company’s ongoing litigation with the U.S. Securities and Exchange Commission in which the SEC charged Coinbase with listing digital assets that were unregistered securities.
Paul Grewal, the Chief Legal Officer at Coinbase who recently led the company’s charge to have the SEC’s case dismissed, said on the earnings call that it’s always very hard for defendants to entirely dismiss any case at this stage.
“We strongly believe that we are right as a matter of law, and we’re grateful to the court’s careful attention to this matter and deep understanding of the issues at the oral argument,” Grewal said.
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