According to Bloomberg, the largest US crypto exchange has expressed confidence in its ongoing legal battle, stating that 'clarity is the ultimate goal' and that the recent court decision is a step in the right direction. The company is prepared for an intensive discovery phase throughout the remainder of the year.
In a letter published on Thursday, the crypto exchange also shed light on its political contributions. It was revealed that the company is a contributor to Fairshake PAC, a significant super PAC in the US. The political action committee supports pro-crypto candidates from both parties. The company noted that the pro-crypto movement is already making an impact, as evidenced by the March primary elections. Crypto voters in key states like California, Texas, and Alabama have played a significant role in electing or helping pro-crypto candidates advance past the primaries.
In one notable Senate primary in March, crypto lobbying efforts were credited for the defeat of Democratic Representative Katie Porter, who had been vocal against the digital asset industry.
In terms of financial performance, the crypto exchange reported a significant increase in its earnings. The company's revenue more than doubled to $1.58 billion, surpassing the $1.32 billion average estimate of analysts. The company reported a net income of $1.17 billion, or $4.40 a share, a stark contrast to a loss of $79 million, or 34 cents, a year earlier.
