Policy Is a Priority for Coinbase; Paradigm’s Exits

Coinbase CEO Brian Armstrong has one big priority this year: Policy. 

As I wrote last week, regulators are increasingly cracking down on crypto in the wake of the FTX blowup. Recently, that has included actions to rein in stablecoins and staking. In a letter to shareholders on Tuesday, Coinbase said that it expects 2023 to be a year of “regulatory focus,” and it will be on the frontlines of shaping crypto policy in Washington. That makes sense, given how Coinbase’s business has evolved over the past year.