CoinDesk
Coinbase's head of policy for Europe, Katie Harries, said the exchange is "not at all" worried about competition from Wall Street firms piling into crypto, arguing that the grassroots community behind the industry is something traditional finance cannot replicate. The comments came on Friday as Stand With Crypto (SWC), the advocacy group Coinbase calls the world's largest, staged more than 500 events across six markets — the US, UK, Canada, Australia, Brazil and the EU — to coincide with Bitcoin Pizza Day.
SWC claims more than 3.7 million advocates worldwide and says its members have contacted lawmakers more than 2.5 million times. Coinbase Chief Policy Officer Faryar Shirzad framed the rally as proof "the crypto voter is a global phenomenon" and a permanent fixture of the political landscape.
Why it matters
The messaging lands at a sensitive moment for Coinbase. The exchange posted a $1.49 per-share loss in its most recent quarter against analyst expectations for $0.27 of profit, then announced a 14% workforce reduction in the first week of May. Pushing back against the narrative that institutional entrants will erode retail-driven exchanges is also strategically useful as BlackRock, Fidelity and bank-affiliated desks deepen their crypto offerings.
The push for "sensible, coordinated regulation" is timed to ongoing market-structure legislation in Washington, and the global framing — London, Paris, São Paulo, New York — signals Coinbase wants the lobbying to travel beyond the US, where the political ROI is hardest to measure. A CoinDesk survey of 1,000 US voters put crypto as the top concern for just 1% of respondents, a data point Harries pushed back on directly: "Voters do care, and the numbers make that clear."
Market impact
The competitive read is straightforward: Coinbase is positioning the community mobilisation as a moat against TradFi encroachment, even as its own earnings show the cost of building that base. Watch the trajectory of US market-structure bills in the coming months — the rally's explicit framing as a signal to "policymakers who have been slow to engage" is a direct lobbying ask wrapped in a grassroots event.
Frequently asked questions
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Why does Coinbase say it isn't worried about Wall Street competition?
Katie Harries, Coinbase's head of policy for Europe, told CoinDesk the exchange is "not at all" concerned, arguing the grassroots community behind crypto is something traditional financial institutions cannot replicate.
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How big is the Stand With Crypto movement according to Coinbase?
Coinbase describes Stand With Crypto as the world's largest crypto-advocacy group, claiming more than 3.7 million advocates globally and more than 2.5 million contacts with lawmakers.
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Where are the Stand With Crypto events being held?
More than 500 events are being staged across six markets — the US, UK, Canada, Australia, Brazil and the EU — coinciding with Bitcoin Pizza Day.
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What is Bitcoin Pizza Day?
Bitcoin Pizza Day marks May 22, 2010, when Laszlo Hanyecz paid 10,000 BTC for two pizzas — the first known real-world bitcoin transaction. That BTC is now worth roughly $770 million.
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How does Coinbase's recent financial performance complicate its political push?
Coinbase posted a $1.49 per-share quarterly loss against analyst expectations for $0.27 of profit and announced a 14% workforce reduction in the first week of May, even as it ramps up global advocacy spending.
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