,Bitwise Chief Investment Officer Matt Hougan believes that recent regulatory scrutiny could play a role in Coinbase’s favor and benefit the company in facing the SEC.
The U.S. SEC has recently issued a Wells notice to Robinhood Crypto, indicating a potential enforcement action for securities violations. This regulatory scrutiny is playing a significant role in shaping the competitive landscape among crypto exchanges, particularly benefiting Coinbase, according to Hougan.
In a post on the social media platform , Hougan argued that the stringent regulatory environment inadvertently creates a competitive advantage for Coinbase by establishing an artificial moat around its operations. This advantage allows Coinbase to maintain high profit margins and achieve substantial earnings in the short term.

Bitwise 首席投資長 Matt Hougan 認為，最近的監管審查可能會對 Coinbase 發揮有利作用，並有利於該公司面對 SEC。 Hougan 表示，這種監管審查在塑造加密貨幣交易所之間的競爭格局方面發揮著重要作用，特別是有利於 Coinbase。圍繞其運營的人造護城河。這項優勢使得Coinbase能夠維持較高的利潤率，並在短期內實現可觀的獲利。

The hostile regulatory environment is creating an artificial "moat" for Coinbase's business, helping sustain extremely high margins and allowing them to over-earn in the short-term.What's impressive is that they are using this opportunity to both raise cash (now $7.1 billion)…— Matt Hougan (@Matt_Hougan) May 6, 2024

充滿敵意的監管環境正在為Coinbase 的業務創造一條人為的“護城河”，幫助維持極高的利潤率，並讓他們在短期內獲得超額收益。 （目前為71 億美元） ）…— 馬特·侯根 (@Matt_Hougan) 2024 年 5 月 6 日

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Coinbase, despite its ongoing disputes with the SEC, reported a revenue of $1.6 billion for the first quarter of 2024, fueled by increased transaction fees from institutional and consumer clients. The company’s financial success comes amidst broader regulatory actions, including last year’s lawsuit against Coinbase by the SEC, which accused the company of operating as an unregistered exchange, broker, and clearing agency. The regulator has also criticized Coinbase’s staking and wallet services.
Robinhood Crypto, a direct competitor, facilitates trading for various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB). Other entities have encountered similar regulatory challenges in the crypto space, such as decentralized crypto exchange Uniswap and Ethereum development studio Consensys, which received Wells notices from the SEC last month.
Hougan highlighted that despite regulatory hurdles, Coinbase is using this period to bolster its finances and diversify its operations.
“What’s impressive is that they are using this opportunity to both raise cash and massively diversified their business,” he said.
Bitwise, the company Hougan represents, has also been active in the crypto market, being the custodian for eight of nine spot Bitcoin ETFs trading since January 2024.
Read more: Bitcoin jumps above $65k amid Fed report, ETF inflows

您可能還喜歡：所有現貨比特幣ETF 均出現資金流入，分析師懷疑動態是否會重演Coinbase 儘管與SEC 持續存在爭議，但報告稱，由於機構和消費者客戶的交易費用增加，2024 年第一季度的收入為16 億美元。該公司的財務成功源於更廣泛的監管行動，包括去年 SEC 對 Coinbase 的訴訟，該訴訟指控該公司作為未註冊的交易所、經紀人和清算機構運營。監管機構也批評了 Coinbase 的質押和錢包服務。其他實體在加密貨幣領域也遇到了類似的監管挑戰，例如去中心化加密貨幣交易所Uniswap 和以太坊開發工作室Consensys，它們上個月收到了SEC 的Wells 通知。 Coinbase 仍在利用這段時期來增強其財務狀況他說：「令人印象深刻的是，他們利用這個機會籌集現金並大規模實現業務多元化。」Hougan 代表的公司Bitwise 也一直活躍在加密貨幣市場，是8 家公司的託管人。