Cryptocurrencies are not disconnected from broader financial market moves - but the outlook remains positive, says Tom Duff Gordon, VP of international policy at Coinbase.

The cryptocurrency market continues to experience significant volatility, characteristic of its status as an emerging asset class. Despite recent disruptions, liquidations occurred in an orderly manner, reflecting the sector's growing maturity and resilience. Market concentration remains a topic of discussion, but trends indicate a gradual dispersion of trading activity across more platforms, with new entrants including banks and crypto-native firms.

Regulatory developments, especially concerning stable coins, are also in focus. In the UK, proposals to limit stable coin holdings have been met with skepticism from industry participants, who argue that such measures may not be necessary and that regulators have other tools to manage potential risks. Overall, the outlook for crypto remains positive, with increasing institutional adoption and technological convergence, despite broader market uncertainties.

Crypto still volatile, but increasingly resilient

I think it reminds us of two things. The first is that crypto is kind of volatile like it's an early asset class. And so we are going to see kind of you know instances like this. But it also reminded us that actually crypto is resilient. And actually the liquidations that happened actually all happened in a very orderly way and certainly on our platform. So this was a macro event. And then it was an idiosyncratic kind of issue associated with the pricing of a token on a singular platform. Unfortunately that did have a broader kind of impact across the market. But the protocols will work. The safety mechanisms kicked in and it's reminded us that crypto is becoming increasingly mature and resilient. So I think from that perspective lessons are learned. But it's a good reminder that this asset class is really growing and maturing. Just as you look at the landscape again you mentioned it was an issue on a singular platform. Are there concerns with platforms like yours and others that actually the trading of crypto is way too concentrated and centralized right now on a few platforms. I don't think so. I think in early stage markets you're always going to have a certain amount of concentration. But the trends are all going in the right direction. So in actual fact if you look at the concentration of trading and liquidity amongst the top exchanges five years ago it was much more concentrated than it is right now. So the trend is moving in the right direction. We see almost every day new announcements of new players that are coming in where there's a crypto natives or whether those are banks. So I'm really confident that we're going to have a dispersion of liquidity and a kind of dispersion of concentration. So whilst we could say that there are relatively high levels of concentration right now I think the trends are moving in the right direction. So I'm confident about that. Can I just get your thoughts more broadly on what's happening also when it comes to the environment at this stage. There's a lot of conversations actually even with the IMF raising concerns around whether we might get a market correction in the near future. There's concerns about evaluations. Are you concerned about what ramifications there could be for your business as well. Yeah I mean always. I mean crypto isn't totally disconnected from the broader kind of like financial markets. So we'll see what happens. But you know we're very excited about the outlook for crypto. We think now there's just growing institutional adoption. We're seeing actually a convergence of A.I. and kind of blockchains. We're seeing stable coins that we might talk about beginning to kind of grow in popularity. So look whilst we think the broader markets you know we're not totally insulated from them in the current crypto space. You know we think on the kind of the midterm outlook continues to be extremely positive on the crypto side. I also would like to get your thoughts on the UK for a moment. There's some conversation suggesting the government is looking at limiting ownership when it comes to stable coins. Coinbase has already raised some issues in terms of this idea. Could you lay out for us what is the problem. Ultimately do you have with this potential measure. Yeah happy to do that. So the Bank of England and the FCA. So the two regulators here are kind of regulating and producing rules on stable coins. The Bank of England is looking at the systemic kind of side of the market. So the biggest stable coins. And they did propose that potentially there should be caps on the holdings of those stable coins both for individuals and corporates. We don't think that that's necessary. I think one of the reasons that they wanted to have caps was to stop lots of those deposits kind of running out of banks and running into stable coins. We don't necessarily think that that's going to happen as fast or systemically as they think. And we think that the Bank of England has lots of tools to kind of manage that in an orderly way. So we don't think we haven't seen caps in any of the other regimes across the world where that's in Europe or even under the Genius Act which the US has just proposed. So we're confident that the Bank of England will have ways in which to kind of like manage the kind of deposit outflow if that does happen without necessarily having to resort to caps.

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