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And so we often need to play in both worlds, right? | neutral |
For instance, we're custodying customer funds in U.S. dollars, and so we have money transmission licenses for that, as an example. | neutral |
I think this might be a good question that, Alesia, I don't know if you have any thoughts on it or Emilie, feel free to add more context if there's anything that you want to add to it. | neutral |
I'll jump in with a couple of thoughts, Pete. | neutral |
And I think our goal right now is to get all regulators focused on crypto. | neutral |
And the reason we would like that is that the technology is just so different. | neutral |
And so if you think about how the traditional financial services regulatory environment grew up around the need for financial intermediaries, banks, broker-dealers, to really facilitate the regulations and to maybe interface between regs and the customers, the technology can provide some of those services directly in crypto. | neutral |
And so we need to make sure that the regulation is in and around the common ground, yes, we don't want to have fraud. | neutral |
We want to protect customers, but can technology solve that in those intermediaries, as an example. | positive |
And so we think that having a single regulator really deeply understand the technology and then help frame what the new principles for financial regulation and crypto will look like will be helpful. | positive |
But we also believe that there's going to be assets that are securities, and those crypto securities will be regulated by the SEC. | neutral |
There will be crypto commodities that will be regulated by the CFTC. | neutral |
And so there'll be things that fall under traditional financial services regulation. | neutral |
But there's a lot of things that are new that needs to be adopted. | neutral |
And so having that focus we think is valuable. | neutral |
I don't know if that helps kind of frame our views. | neutral |
I think there are some parts which are probably applicable in this new crypto economy. | neutral |
It's like, of course, we don't want fraud, we don't want scams, market structure rules are probably good. | neutral |
There's some rules that we're always questioning, does this actually make sense in the new crypto company because, as Alesia said, some of those intermediaries aren't there or it is a new technology paradigm. | neutral |
And so I think that's kind of the big, hard question in the room that a lot of regulators and policymakers are having to grapple with right now. | negative |
And we're trying to be helpful, resource them, really do those -- some of these rules were created back in the '40s around orange groves and things. | neutral |
And it's like we're living in this new world of crypto economy, are these really relevant? | negative |
Or is this actually holding back innovation? | negative |
And so those are big questions to ask, maybe even above our pay grade a little bit, but I think they're important ones to ask. | neutral |
We have our next question coming from the line of Will Nance with GS. | neutral |
Maybe just another question on the regulatory environment. | neutral |
I think Coinbase has always been thought of as one of the members of the crypto ecosystem that's been the most proactive with regulators with your approach to compliance. | positive |
What are you seeing in conversations with regulators today? | neutral |
And when you think about the kind of lack of clarity or the lack of a regulatory framework around crypto, as it relates to your ability to roll out new products, I mean what do you feel should be prioritized the most to kind of pull back on the reins a little bit and let you guys kind of be more free to roll out new products? | negative |
Is there a pipeline of new products that you guys are most excited about, but that you can't proceed with until there's more regulatory clarity? | negative |
I would say 90% of our interactions with regulators are really positive and constructive. | positive |
And I generally feel like we're doing really well. | positive |
We try to reach out proactively with everybody before we launch products well in advance and kind of give them a heads-up. | neutral |
And usually, that worked out pretty well. | positive |
But 1 out of 10 times, when we see some kind of bad policy that's proposed and we feel like we have a responsibility to speak up and kind of for the industry as the largest player in the U.S. and push back on it where needed, but our default is really just to proactively engage. | negative |
And I think the vast majority of the time, the regulators that we interact with are really thoughtful people and with mutual respect and we're just really trying to achieve the same outcome, same goals, which is consumer protection and fair market. | positive |
There certainly have been times where we felt like we've wanted to launch a product and we've gotten kind of a different answer at the last minute about whether we were allowed to roll that out. | negative |
And that's really tough on the team at Coinbase that have put a lot of time into building these things. | negative |
But this is a fast-moving space. | neutral |
We understand that these are complicated issues. | negative |
So it's not always a simple answer. | neutral |
Frankly, the regulators don't always have the resources to go meet with every single company in the crypto space. | negative |
There's thousands of these start-ups now. | neutral |
We sometimes get more scrutiny. | negative |
Sometimes competitors have had something out there in the market for 2 years, and then we aren't able to launch it suddenly at the last minute, it doesn't feel like that's actually creating a fair market, a level playing field. | negative |
So we try to avoid things like that, but I also understand why it happens. | neutral |
The regulators can't meet with every single company in crypto. | neutral |
We have our last question coming from the line of Rich Repetto with Piper Sandler. | neutral |
The blockchain rewards revenue doubled, quadrupled, really drove the subscription revenue. | positive |
So I guess I'm trying to understand, what is sort of runway of where can it go going forward? | neutral |
And I know you have Staking and Ethereum, but what do you expect? | neutral |
Can you continue to grow at it? | neutral |
And at what type of pace given the great results you've had here in the last couple of quarters? | positive |
Thanks, Rich, for the question. | neutral |
I'm going to restate it just because your audio was a little choppy. | neutral |
So what I think your question was we've seen significant growth in our blockchain rewards revenue that grew meaningfully quarter-over-quarter and you're asking about what the trajectory is. | positive |
Can you just confirm that I understood the question? | neutral |
We're really excited about the growth of blockchain rewards, which is predominantly Ethereum staking revenue today. | positive |
And the growth here is really around the growth of overall proof of stake networks and the growth of crypto overall. | positive |
So one is we're going to add more proof of stake networks and offer staking and more assets on our platform. | neutral |
Two is we continue to have a waitlist for Ethereum staking and for the existing staking offer, and so we're continuing to roll that out and bring more users into the staking assets that we do provide. | positive |
And so we have existing runway with those assets. | positive |
And those are going to be the 2 significant drivers of that growth. | positive |
But we believe that this is the direction the industry is growing. | positive |
Brian, I don't know if you want to comment on proof of stake networks and the overall industry view. | neutral |
No, I think proof of stake is going to continue to grow. | positive |
And I think staking rewards awards, these blockchain rewards as we call them, I think, will be an important growth area for us in the future. | positive |
Yes, I believe at this point, Coinbase is the largest Ethereum 2 staker, for instance, which is really great. | positive |
Emilie, anything else you want to add on this before we wrap up? | neutral |
I think it's a big source of innovation. | positive |
This goes back to one of the other questions about what is driving kind of the activity in the ecosystem, and I think it comes back to this. | neutral |
And so we're pretty bullish on the potential for this, both as just helping the ecosystem as well as being an important source of subscription revenue for us. | positive |
Thank you, Brian, Emilie, Alesia, and thank you all for joining us today. | neutral |
We look forward to speaking with you again on the next call. | neutral |
Good morning, My name is Chris lien and I'm, the CEO of Marin software and chairman of this annual meeting of stockholders, which I now call to order. | neutral |
Attending this virtual meeting with US today are members of our board of directors members of the company's executive team and Representatives from Grant Thornton the company's independent registered public accounting firm. | neutral |
We're excited to be hosting our sixth virtual meeting. | neutral |
Youll be able to follow along and vote electronically on the virtual meeting website. If you have not done so already. | neutral |
Mike Coleman, our general Counsel has been appointed Secretary of this meeting to record the minutes. | neutral |
Jean Wood, representing Broadridge financial solutions has been appointed to act as the Inspector of elections for this meeting. | neutral |
She has executed an oath of inspector of elections to execute her duties with strict impartiality we. | neutral |
We will file this oath with the records of the meeting. | neutral |
The Secretary will now report on the notice for this meeting. | neutral |
I have a copy of the notice of this meeting together with the affidavit of mailing the proxy statement provided to all of the company's stockholders of record as of the close of business on February 14th 2024. | neutral |
I also have a list of the stockholders entitled to vote at the meeting which has been available for inspection on the proxy meeting website. | neutral |
Miss what advises me that the holders of at least one third of the outstanding shares of voting stock as of the record date are represented at this meeting in person or by proxy. | neutral |
A quorum is therefore present and the 2024 annual meeting is properly and legally convened and ready to transact business. | neutral |
Stockholders attending the meeting virtually may vote their shares in real time on the virtual meeting website until the polls are closed. | neutral |
If you have already submitted a proxy to vote. Your shares you do not need to submit an online ballot unless you want to change your vote. | neutral |
We will now proceed to the items on the agenda. | neutral |
The first item of business is the election of two class II directors. The nominees are Don Hutchison and Gena Lee Man. | neutral |
Pursuant to the company's bylaws no other nominations will be accepted. | neutral |
The second item of business is a vote to approve an amendment to our certificate of incorporation to effect a reverse stock split at a ratio in the range of one for four to one <unk> six with the exact ratio to be set within that range at the discretion of our board of directors. | neutral |
The third item of business is a vote to approve an amendment to our certificate of incorporation to decrease our authorized shares of common stock. | neutral |
The fourth item of business is a nonbinding advisory vote on the compensation paid by us to our named executive officers for the year ended December 31 2023. | neutral |
The fifth item is to ratify the appointment of grant Thornton as the independent registered public accounting firm of the company for 2024. | neutral |
Are there any questions or comments regarding the proposals. | neutral |
If you are a stockholder and voting electronically today on the virtual meeting website, you must submit your votes at this time in order for them to be counted by the inspector of elections. Please see click here to vote on your screen inspector of election will not accept ballots proxies or votes or any changes or revocations submitted after. | neutral |
It is 935, a M and the polls are now closed Mr. Coleman. Please report the preliminary results. | neutral |
We will be reporting the final vote results in a current report on form 8-K to be filed with the SEC within four business days. | neutral |