Alesia Haas described the SEC’s guidance treating stablecoin collateral “akin to a money market” with a 2% haircut, which she said could support broader adoption for 24/7 tokenized markets. She framed clarity on collateral haircuts as critical for preserving stablecoin economics and customer benefits in tokenized payment rails.

Haas highlighted 30 meetings with the SEC over the past year on tokenization rules and said Coinbase aims for clear asset classification under forthcoming crypto market structure legislation this spring. She emphasized ongoing negotiations around the CLARITY Act and the need for defined regulatory oversight across asset types.

Coinbase’s derivatives business saw year-over-year volume double after launching 24/7 perpetual futures and acquiring options leader Deribit. On retail products, the company rolled out equities trading, integrated prediction markets, and grew Coinbase One to nearly 1 million paid subscribers, citing up to 4% Bitcoin rewards on its credit card.

Coinbase now custodies over 12% of overall crypto market cap and is pursuing an OCC charter to consolidate custody under one federal license. The firm has captured 80% of ETF custody market share and supports over 250 fintechs and five global systemically important banks through white-label exchange and custody infrastructure.