GregTusar

VP, Head of Institutional Product, Coinbase

[Coinbase Futures @cbFutures]

The wait is over - Perpetual futures have arrived in the U.S.

→ No monthly expirations
→ Trade with up to 10x leverage
→ Fees as low as 0.02%

Now you can trade perpetual-style futures on Coinbase Financial Markets, a secure and CFTC-regulated platform.

[Brian Armstrong @brian_armstrong]

Welcome aboard, @ProShares! Thanks for powering your ETFs with Coinbase.

[Faryar Shirzad 🛡️ @faryarshirzad]

The GENIUS Act has passed its first big procedural hurdle, with 16 Democrats joining Republicans on the vote. Many steps to go, but a historic early win on the road to getting a stablecoin bill enacted into law. Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill. Massive thanks to @SenatorTimScott @SenatorHagerty @SenLummis @SenGillibrand @RubenGallego @MarkWarner - as well as @davidsacks47 and @BoHines - and others for putting in the hard work to get it done.

[GregTusar @GregTusar]

Traders will have access to spot, futures, perps, and options trading – all in one seamless, capital-efficient platform. Deribit built something incredible, and we’re thrilled to bring them into the Coinbase family.

[Coinbase 🛡️ @coinbase]

We are acquiring @DeribitOfficial to build the most powerful global crypto platform—bringing spot, futures, and options together under one roof.

[Ryan VanGrack @RVanGrack]

A few initial observations from @SECGov’s second crypto roundtable:
- No discussion about Howey yet (and what is/isn’t a security)
- Panelists agree that much of Reg NMS shouldn’t necessarily carry over to digital securities trading.
- Unique elements of crypto (global trading, distributed ledger, etc) suggest a refreshed look at securities rules/regs more broadly
- Investor protection is of paramount importance
- One open question: much of the conversation implicitly addresses spot trading involving digital commodities. Shouldn’t the @CFTC be part of the discussion?

Hat tip to @coinbase’s @GregTusar for his compelling comments on the panel (I’m a bit biased).

[GregTusar @GregTusar]

Efficient traders need deep liquidity to lower costs and manage risks. Coinbase International Exchange offers one of the deepest BTC and ETH perpetual futures markets—in all market conditions.

[Coinbase International Exchange 🛡️ @CoinbaseIntExch]

From Q4'24 to Q1'25, our average order book depth for BTC & ETH perps has increased over 3x. This is a reflection of growing trader confidence in our exchange & a stronger foundation for execution during stress.

Deeper liquidity = better prices, tighter spreads, less slippage.

[GregTusar @GregTusar]

Enthusiasm around crypto is growing.

Our latest institutional investor survey with @EY_US (@EYnews) found that ~75% of investors hold crypto directly or through spot ETPs—and is expected to rise to 87%.

Explore the key findings from our 2025 survey: https://t.co/Rt2A3AcCn7

[GregTusar @GregTusar]

Verified Pools is a huge leap forward for secure, onchain liquidity for institutions—but we're just getting started.
We will continue to build for institutions to get onchain while focusing on trust, transparency, and accessibility. More to come.

[Coinbase 🛡️ @coinbase]

Introducing Coinbase Verified Pools, a trusted way to seamlessly trade onchain.

Dive in. ↓

[Base @base]

Privacy is critical for unlocking the full potential of an onchain future

That’s why we’re bringing on the team behind @ironfishcrypto to develop privacy-preserving primitives across Base

[GregTusar @GregTusar]

I was honored to attend the @CFTC CEO Forum on Digital Assets, where we engaged with Acting Chair @CFTCpham on key regulatory developments shaping the digital assets industry. Thank you, @CFTCpham, for your continued support, which has helped move our industry forward.

[GregTusar @GregTusar]

proud of how our leadership team stood up for our users, the company and the industry

[Brian Armstrong @brian_armstrong]

Great news!

After years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase. Once approved by the Commission (which we're told to expect next week) this would be a full dismissal, with $0 in fines paid and zero changes to our business.

This is hugely vindicating, especially because many people questioned my decision to engage in litigation with the SEC on this matter in 2023. People told me the courts would give a lot of leeway to the government. They said public market investors wouldn't like it. They said it would take years and cost us tens of millions of dollars in legal fees (which it did). They said the agency would use mafia tactics like trying to pressure other companies not to work with us while the lawsuit was underway (which they did).

But I knew a few truths that helped make it an easy decision to fight them in court:

1. The SEC was wrong on the law.
They were exceeding the authority given to them by congress by asking us to delist a number of assets that were not securities. We had taken a conservative approach to ensure we weren't listing any securities, and the SEC itself had allowed us to go public in 2021 after reviewing our listing standards in depth. We tried to “come in and register” but it turned out it was a fake offer, as every crypto company discovered. Regulators are supposed to enforce the law, but they can't make up new laws on the spot if they don't like the current ones, or weaponize a lack of clarity in the law.

2. Caving to their demands could have killed the crypto industry in America.
The SEC made it clear to us that the only way to avoid litigation was to delist the many assets they falsely claimed were securities. It was a bullying tactic, pure and simple, driven by Gensler's own political agenda. And if we had caved, it would have dramatically limited the scope of which crypto assets were allowed in the US, and pushed the industry further offshore, into the shadows. Never forget how close a few activists in government came to unlawfully killing an entire industry in America! It could have easily gone the other way. Thank goodness the founding fathers created the judicial branch, as a check and balance on executive power.

3. It was the right thing to do for our customers and the industry.
At the end of the day, it didn't matter what our chance of success was. I had to stand up for our customers’ and our industry’s rights. I also knew it would serve as a deterrent for future bad actors around the world we may have to engage with, for them to know that we won't be bullied or pressured. We are comfortable engaging in litigation across multiple fronts, indefinitely, while continuing to build. This is business as usual. As Bain in The Dark Knight says, "you merely adopted the dark; I was born in it".

Growing up I had a naive view that regulators exist to hold companies accountable. What I realized in this ordeal is sometimes, companies must hold regulators accountable who are painting outside the bounds of the law, to preserve freedom. Accountability can actually happen both ways. At Coinbase, our mission is to increase economic freedom, and I initially thought we could achieve this solely through our crypto products. But I'm increasingly realizing that we can move the needle on economic freedom in the courts and through our policy efforts as well, when we see bad actors in government around the world. We plan to do more of this.

I have to give credit here to the Trump administration, for winning the election, and for the departure of the activist head of the SEC, Gary Gensler, who orchestrated this unlawful action along with Elizabeth Warren, and a handful of their lackeys in congress. I feel confident we would have won this case in the courts either way, given our facts were so strong, but it certainly helped accelerate the process and drive accountability. I called out the sketchy behavior of the SEC back in 2021, and I believe this comment turned out to be prescient.

I want to give a shout out to all the other crypto companies who fought back with their own lawsuits (we certainly were not the only ones).

I want to give a shout out to all the crypto startups who couldn't afford the legal fees, and went bankrupt due to the administration's abusive tactics. Your company may have died, but crypto lives on. Don't stop building.

I want to give a shout out to both Democrat and Republican members of congress, who are working hard to ensure America leads on crypto. I know that Gary Gensler and Elizabeth Warren do not represent the entire Democratic party.

And I want to give a shout out to all the crypto holders in the US who elected pro-crypto candidates, on both sides of the aisle, to make sure your rights were preserved. It turns out the crypto voter is real, and showed up in the millions.

Finally, I expect we'll continue working productively with the SEC on any number of items over the years, just as we do with every agency around the world where we operate. I look forward to the SEC being reformed under Paul Atkins, Mark Uyeda, Hester Peirce, and DOGE, and new more sensible personnel coming into leadership roles. I commend the new leadership that is already in place for working to right this wrong - it's a great step in the right direction, and took courage. Now let's get some crypto legislation passed in the US to finally clarify the rules, and really kick off this next phase of building.

[GregTusar @GregTusar]

Crypto derivatives are evolving fast—regulation, access, and innovation are key. Exciting to see Coinbase leading the charge.

[Coinbase 🛡️ @coinbase]

The future of crypto derivatives starts now.

3 big announcements dropping below. ↓

[GregTusar @GregTusar]

We’re continuing our beginning of the year momentum as USDC hits a critical milestone. This moment underscores the accelerating institutional adoption of stablecoins as a critical component of global markets.

[Coinbase 🛡️ @coinbase]

USDC supply more than doubled this past year and just hit a new all-time high of $56B.

The future of money is onchain. See how we are helping consumers and businesses access USDC for payments, trading, remittances, and more. ↓

[Brian Armstrong @brian_armstrong]

If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us 21st largest bank in the US by total assets, and growing.

If you think of us more like a brokerage, we'd be the 8th largest brokerage today by AUM.

If you think of us like a payments company…TBH i'm not sure where we rank on that list. There are various ways to measure it, but there were about $30T in total stablecoin payments last year (not all of those were goods and services though).

The point is, with crypto the line between these categories is blurring. There are many legacy reasons these are separate in the traditional financial system - and not all of them are good reasons. Why does the money you spend lose value instead of growing in value like an investment? Why does your checking account not earn yield like a savings account (or better yet, like short term treasuries)? Many people use Coinbase to invest, but also to spend, get a loan, etc.

In the updated financial system, you will have a single primary financial account which serves all these functions. A greater % of global GDP will run on more efficient crypto rails over time. We'll have sound money, lower friction transactions, and greater economic freedom for all.

[GregTusar @GregTusar]

Our industry continues to evolve and innovations like stablecoins, DeFi and L2s are shaping the future of crypto for institutional and retail investors. Read more in our Q1 2025 Guide to Crypto Markets. https://t.co/jARZhWtteo

[Coinbase Institutional 🛡️ @CoinbaseInsto]

Our 2025 Crypto Market Outlook is live. From altcoins to ETFS, gaming to DePIN, we explore all the angles.

5 areas to watch ↓

[GregTusar @GregTusar]

@DefiIgnas @coinbase We're working on it -- watch the space.....

[GregTusar @GregTusar]

@Architect9000 @coinbase We're working on it -- watch the space....

[GregTusar @GregTusar]

The supply of stablecoins hit an all-time high in Q3. Daily transactions in the Ethereum ecosystem increased 5x since the start of 2023. Need to know more? We reported on it in @CoinbaseInsto Q4 Guide to Crypto Markets

https://t.co/74F27tjyuj

[Coinbase Institutional 🛡️ @CoinbaseInsto]

Five things to know about the crypto markets from Coinbase Institutional + @Glassnode’s just-released Q4 2024 Guide To Crypto Markets.

Download the full report → https://t.co/P1HAnHCmBh

[Coinbase Institutional 🛡️ @CoinbaseInsto]

Five things to know about the crypto markets from Coinbase Institutional + @Glassnode’s just-released Q4 2024 Guide To Crypto Markets.

Download the full report → https://t.co/P1HAnHCmBh