Coinbase CEO Plans Expansion Amid U.S. Crypto Policy Progress

As he walked out of the White House’s crypto summit on Friday, Coinbase CEO Brian Armstrong announced that his U.S. exchange plans to hire a thousand people due to positive policy developments in the crypto industry, which he attributes to President Donald Trump’s second term.

> “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. He confirmed that the hiring would take place this year.

Coinbase has noted the U.S. Securities and Exchange Commission’s decision to abandon its significant enforcement action against the leading U.S. crypto platform. The company had been involved in an expensive legal dispute regarding regulatory jurisdiction over digital assets, which is now under Congress’s consideration instead of continuing judicial conflicts that drained Coinbase’s resources.

Armstrong was among dozens gathered in the White House’s State Dining Room for the inaugural crypto summit, involving White House representatives, regulators, and prominent Republican Congress members. A key topic leading to the meeting was Trump’s executive order, released the night before, which called for the establishment of a Bitcoin (BTC) reserve—an initiative Armstrong supported.

> “You can’t really have a better holder of this asset than the United States government,” he remarked. “It’s becoming a core piece of the financial system, and I think it’s going to be part of every diversified portfolio over time.”

Coinbase has played a significant role in the 2024 election by contributing tens of millions to the crypto-focused political action committee Fairshake. Armstrong mentioned that Coinbase will continue supporting the super PAC, which he credited with effectively promoting pro-crypto candidates.

Bo Hines, executive director of the President’s Working Group on Digital Assets, suggested that the summit highlighted Trump’s commitment to the crypto sector.

> “The president made a promise that he’s going to make this country the crypto capital of the planet, and we’re well on our way in delivering that promise,” Hines stated in an interview following the summit, where ideas surrounding the crypto reserve were a significant focus.

Addressing concerns that the Bitcoin reserve isn’t initially designed to attract new investments, Hines noted that the secretaries of the U.S. Treasury and Commerce departments are tasked with exploring methods for acquiring Bitcoins without imposing costs on taxpayers, and he mentioned that they are eager to investigate options.