Latest news with #BrianArmstrong
Yahoo
2 days ago
- Business
- Yahoo
S&P 500-listed CEO Brian Armstrong warns of looming U.S. debt crisis
S&P 500-listed CEO Brian Armstrong warns of looming U.S. debt crisis originally appeared on TheStreet. Brian Armstrong, CEO of Coinbase, issued a dire warning about the state of the global economy this week, pointing to soaring debt, inflation, and declining economic freedom as the key drivers of rapidly increasing crypto adoption. In a post on X, Armstrong stated, "The world needs crypto, now more than ever," while posting a chart that U.S. federal debt surpassed $34 trillion. Armstrong characterized crypto as a means to regain financial sovereignty, giving individuals the ability to avoid centralized institutions and be able to access fast and cheap global payments. "Economic freedom means it's your money," he shared while referencing the growing demand for Bitcoin and stablecoins as an inflation hedge against out-of-control fiscal policy. His explanation of Coinbase's phased strategy is in three phases. It started as a crypto investment platform, expanded into financial services, and is evolving into an application layer for the next generation of internet tools. He continued explaining the growth of Bitcoin's all-time high and stablecoins, which are adopting more quickly as proof that crypto is "eating the financial services industry." Coinbase made four announcements at its 2025 State of Crypto Summit: Coinbase Business for startups; payment APIs for easy USDC settlements (with Shopify as a proof point), options trading via Deribit integration, and a new Coinbase card with an American Express partnership offering up to 4% Bitcoin rewards. "People are feeling a lack of trust in their money and deficit spending," Armstrong said. "Crypto is the solution—and Coinbase is leading the charge." He added that this movement is not just about price, but about "building a financial system from the ground up." S&P 500-listed CEO Brian Armstrong warns of looming U.S. debt crisis first appeared on TheStreet on Jun 20, 2025 This story was originally reported by TheStreet on Jun 20, 2025, where it first appeared.
Irish Independent
2 days ago
- Business
- Irish Independent
Coinbase becomes second major crypto firm to move regulatory hub out of Ireland in 2025
The company has obtained its Markets In Crypto Assets (Mica) licence, a foundational legal instrument for trading across the EU 27 countries, in Luxembourg. In 2023, Coinbase had said that Ireland was chosen from 27 EU countries to be its regulatory and operational hub for Europe, citing a 'stable political environment for technology innovation', 'respected regulators' and being 'a jurisdiction that is familiar and comfortable with both financial services and technology.' Since then, the Irish Central Bank has consistently denigrated crypto as a sector, with Governor Gabriel Makhlouf publicly branding virtual currencies as 'Ponzi schemes'. Coinbase CEO, Brian Armstrong, said in an interview with CNBC that the company has moved to Luxembourg for regulatory reasons. 'Luxembourg is leading the way with its pro-business climate and thoughtful approach to regulation,' he said. Earlier this year, another prominent crypto company also switched its regulatory hub away from Ireland, where it had initially established its European base. Gemini, the cryptocurrency exchange founded by the US billionaire Winklevoss twins, switched its headquarters from Ireland to Malta, citing a better environment for 'innovation among fintech and digital assets'. Senior figures in the Irish cryptocurrency and blockchain industry have expressed concern that a lack of Irish interest in cryptocurrency regulation is driving companies and jobs away. Earlier this year, the Central Bank tendered for consultants to advise it on crypto regulation, after the EU's main Mica rules had already come into force, prompting accusations of being a party-time regulator from prominent Irish crypto figures. In a move to reassure Irish staff of Coinbase's future here, the company's vice president and regional managing director, Daniel Seifert, said that it would soon hire more people for its Dublin office. ADVERTISEMENT "Regarding Ireland, we are happy to announce that Coinbase is doubling down on its commitment to the country and we are imminently adding around 50 jobs to our office,' he said. Coinbase is understood to employ over 100 people at present, having shed almost half of its staff during the tech industry's post-Covid layoffs. 'Our e-money licence through which we service customers across the EU is held in Ireland,' said Mr Seifert. 'I have relocated to Ireland, as CEO of the Irish entity, demonstrating our commitment to scaling international operations and deepening our presence in Europe, one of the most strategic and rapidly evolving crypto markets globally."
CNBC
3 days ago
- Business
- CNBC
Coinbase secures EU crypto license, swaps Ireland for Luxembourg as main hub
Coinbase has secured a license from Luxembourg to offer crypto services across the European Union and will make the country its central hub in the region. The U.S. crypto exchange's main European base has been in Ireland since 2023. Coinbase said Friday that it obtained its Markets in Crypto Assets (MiCA) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). MiCA is a sweeping regulation that aims to create a harmonized legal framework for crypto across all 27 EU member states. The rules, which came fully into force late last year, also aim to reduce risks for consumers buying crypto assets following a series of scandals in the sector. It makes Coinbase the first U.S. crypto exchange to receive a MiCA license. Rival firm Gemini, which is owned by the Winklevoss twins, is expected to receive its own EU license from Malta soon. Gemini chose Malta as its MiCA hub in January. "Coinbase is all in on Europe, and we're advocating for crypto's future across the continent," Coinbase CEO Brian Armstrong told CNBC. "MiCA has set the standard, and Luxembourg is leading the way with its pro-business climate and thoughtful approach to regulation." Previously, Coinbase decided on Ireland as its central EU hub in 2023 and launched a big public relations blitz around the move at the time. However, the company ultimately backtracked on this decision, concluding Luxembourg would make more sense for its status as a "forward-thinking financial hub." "The decision was made less-so due to Ireland, but rather for the reasons that Luxembourg presented a highly compelling option," Daniel Seifert, vice president and regional managing director of EMEA at Coinbase, told CNBC. Luxembourg has four blockchain-related policies that have been signed into law, whereas Ireland currently lacks any crypto-specific laws. He added that Coinbase is still investing heavily in Ireland with "imminent" plans to add around 50 jobs to its local Dublin office. Seifert has also personally relocated to the country from Germany as CEO of Coinbase's Irish entity. Globally, Coinbase isn't the first to receive crypto authorization across the EU — but it is one of the largest. Rival exchanges Bybit, OKX and BitGo have all secured their own respective MiCA licenses.
Yahoo
4 days ago
- Business
- Yahoo
Coinbase and Circle Surge as Senate Passes Stablecoin Bill
Shares of Coinbase (COIN, Financials) and Circle (CRCL, Financials) jumped Wednesday after the U.S. Senate passed the GENIUS Act, a bill that could set the stage for broad adoption of U.S. dollar-pegged stablecoins. Warning! GuruFocus has detected 7 Warning Signs with COIN. Circle, which issued USDC and recently went public, rose 33%; its shares are now trading around $180, up nearly sixfold from the $31 IPO price earlier this month. Coinbase, which co-founded USDC and shares in 50% of its revenue, gained more than 16%. The GENIUS Act short for Guiding and Establishing National Innovation for U.S. Stablecoins would require issuers to maintain full reserves and undergo monthly audits. The bill still needs to clear the House, where a competing version splits regulatory authority among agencies including the Federal Reserve and Comptroller of the Currency. Coinbase earns all interest on USDC held on its platform and has seen stablecoin-related income surge 50% year over year. CEO Brian Armstrong recently said he expects USDC to challenge Tether as the dominant global stablecoin. Circle Chief Policy Officer Faryar Shirzad told a media outlet that the legislation could unlock new investment, saying it clarifies the rules and could help accelerate stablecoin integration into the financial system. Coinbase also announced a new merchant payments product Wednesday, allowing e-commerce businesses to accept USDC with near-instant settlement a move that challenges traditional payment networks. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
4 days ago
- Business
- CNBC
Shares of Coinbase, Circle surge after stablecoin bill passes Senate
Shares of Circle and Coinbase rallied on Wednesday, as Wall Street cheered the Senate's passage of the GENIUS Act, which would establish a federal framework for U.S. dollar-pegged stablecoins. Circle, the issuer of the USDC stablecoin, rose 22% following the passing of the bill late Tuesday. It's the continuation of a remarkable run for Circle's stock since the company held its stock market debut on June 5. The shares are trading at about $180, up almost sixfold from their $31 IPO price. Coinbase, which co-founded USDC and shares in 50% of its revenue with Circle, gained more than 10%. Stablecoins have become Coinbase's biggest revenue driver after trading, with stablecoin-related income surging 50% year-over-year in the first quarter. The GENIUS Act, short for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, allows private companies to issue stablecoins under strict guardrails, including full reserve backing and monthly audits. It represents the crypto industry's first major legislative win, but still has to get signed into law. The bill now heads to the House, which has its own version of a stablecoin bill dubbed STABLE. Both prohibit yield-bearing consumer stablecoins, but diverge on who regulates what. The Senate version centralizes oversight with Treasury, while the House splits authority between the Federal Reserve, the Comptroller of the Currency, and others. Reconciling the two could take a while, especially as House Republicans weigh attaching a broader market structure package, according to congressional aides. If the GENIUS Act becomes law, it could pave the way for explosive growth in the nearly $260 billion stablecoin market, and drive more revenue to key infrastructure players like Circle and Coinbase. Coinbase earns 100% of the interest on USDC held directly on its platform. CEO Brian Armstrong has said he wants USDC to overtake Tether as the world's top stablecoin. "If you can get shared economics, I don't see why we wouldn't see more of these banks partnering with USDC," Armstrong said last month, calling stablecoins a major pillar of Coinbase's long-term growth.
