Lucy Gazmararian, founder and managing partner of Token Bay Capital, a venture capital fund manager, talks about the debate provoked by Coinbase's musical ad targeting the U.K.

New York

A Coinbase advertisement has prompted renewed debate about the role of cryptocurrency in the global financial system. Experts highlighted a growing recognition among politicians and regulators, particularly in the US, of the fundamental changes that crypto technology could bring to financial markets.

Other jurisdictions such as Hong Kong, Singapore, Dubai, and Switzerland have already established regulatory frameworks to support the industry. With the US now actively engaging in the crypto space, there is a call for all financial centers to adapt or risk being left behind as the financial system undergoes significant transformation.

'Crypto's really having its moment:' Coinbase ad ignites debate

Crypto is really having its moment because there's now a top-down realisation of how fundamental this technology shift is and how extreme the shift is going to be. And it's just incredible. Now we've got politicians, obviously Trump led the charge, and now everybody is playing catch-up. And now it's okay to come out and support crypto and actually take a sort of critical look at existing financial infrastructure and say, where can we make the changes? What are we missing here? What are we not seeing? And so this is a very welcome debate. And actually, arguably, it should have happened quite a few years ago. It's interesting, Lucy. So you're basically saying that the Trump administration has paved the way now by validating crypto for other supporters around the world to call for the same, that effectively he has given them licence to try to mainstream the cryptocurrency. That's right. I think if we look at the US, it's the leader of global capital markets. And we've had other jurisdictions that have been working on crypto, understanding the importance of the technology jurisdictions, particularly in Asia, were very quick to really jump on this and understand and create regulatory frameworks that support the industry. Hong Kong, Singapore, Dubai, UAE, Abu Dhabi, these jurisdictions and Switzerland in Europe really understood much earlier than the US how fundamental this technology is. And the UK is kind of at the very end of the line. The US has now woken up. They're obviously the global leaders in global financial markets. So they're going to move the needle. And yes, now every single jurisdiction needs to take a really good look at this. And not just to observe and sort of see where the technology is going. It's actually a call to action. They have to make changes now if they're not going to be left behind. Because the entire financial system, global financial system, led from the US is about to be rewired. And there's going to be implications for all the intermediaries and all the traditional financial infrastructure that's kind of crumbling at the seams. Because the power of decentralisation, now it's been unleashed and it's in mainstream media, is really going to change the entire landscape and plumbing for financial markets.

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