Coinbase Plans to Hire a Thousand People Following White House Crypto Summit
As he walked out of the White House’s crypto summit on Friday, Coinbase CEO Brian Armstrong announced that the U.S. exchange is gearing up to hire a thousand new employees due to the positive policy developments in the industry during President Donald Trump’s second term.
Policy Progress Boosts Confidence
“It’s only been, what, 50 days or something like that, and it’s already created enough of a tailwind that we feel more confident in investing in the United States and growing our business here,” Armstrong told CoinDesk. The hiring spree is expected to take place within this year.
Regulatory Relief for Coinbase
Coinbase witnessed a significant shift in its favor as the U.S. Securities and Exchange Commission dropped its enforcement action against the leading U.S. crypto platform. This move alleviated the regulatory burden on the company, which had been embroiled in a costly legal battle over regulatory jurisdiction over digital assets. With this issue now in the hands of Congress, Coinbase can focus on its growth trajectory without the legal impediment.
White House Crypto Summit Highlights
Armstrong was among the attendees at the White House’s State Dining Room for the historic crypto summit, which included key regulators and senior Republican members of Congress. The summit coincided with Trump’s executive order calling for the establishment of a bitcoin reserve, a move that Armstrong endorsed. He emphasized the importance of the United States government holding bitcoin as a strategic asset in the financial system.
Political Engagement and Support
Coinbase played a pivotal role during the 2024 election by contributing millions to the crypto-focused political action committee Fairshake. Armstrong affirmed that Coinbase will continue to support the super PAC, which played a crucial role in advocating for pro-crypto candidates.
Trump’s Commitment to Crypto
Bo Hines, the executive director of the President’s Working Group on Digital Assets, expressed Trump’s dedication to making the United States the crypto capital of the world. He highlighted the positive outcomes of the summit and the enthusiasm among industry leaders for the future of crypto in the country.
Bitcoin Reserve Implementation
In response to concerns about the bitcoin reserve’s lack of provisions for new investments, Hines reassured that the U.S. Treasury and Commerce departments are exploring ways to acquire bitcoins without burdening taxpayers. Both departments are eager to explore innovative strategies for incorporating bitcoin into the nation’s financial reserves.