#ETH 巨鲸清算

"They're going to be perpetually living by charity." @IOHK_Charles says Ethereum's lack of an on-chain treasury leaves its long-term development model structurally weak, contrasting it with Cardano's treasury, which peaked at $4.5 billion. https://t.co/inWcP0zXLC

This stock WILL go parabolic once the Clarity Act passes. I'm talking about $COIN. In this post, I’ll explain exactly why. You’ll want to read it to the end. $COIN is the stock ticker for Coinbase, one of the world’s largest cryptocurrency exchanges, enabling users to buy, sell, and store digital assets. The company is led by co-founder and CEO Brian Armstrong, a vocal advocate for the CLARITY Act who has even engaged in heated verbal clashes with JPMorgan CEO Jamie Dimon over crypto regulation. For years, regulatory uncertainty has been one of Coinbase’s biggest constraints. It has limited token listings, discouraged institutions from entering the market and forced Coinbase to spend enormous amounts of time and money navigating unclear rules. The CLARITY Act could change that by establishing clearer boundaries between the SEC and the CFTC, and by defining how crypto assets and trading platforms are regulated in the United States. Why is that so bullish for Coinbase? 1. More assets to trade Clearer classifications could allow Coinbase to list more tokens without constantly worrying that regulators will later call them unregistered securities. More listings mean more trading activity, deeper liquidity and potentially more transaction revenue. 2. Institutional capital could finally enter at scale Large banks, asset managers and corporations have remained cautious because the rules are still uncertain. Once Congress creates a credible legal framework, crypto becomes easier for compliance departments, boards and institutional investors to approve. Coinbase is already one of the most established and trusted US platforms. It could become the primary infrastructure provider for this new institutional demand. 3. Coinbase becomes more than an exchange The market still values Coinbase largely as a leveraged bet on crypto trading volumes. But the company is building a much broader financial platform: custody, stablecoins, staking, derivatives, payments, institutional trading and Base. Regulatory clarity could accelerate every one of these businesses. 4. USDC could become a major growth engine Coinbase earns revenue from USDC reserves and from activity across the stablecoin ecosystem. If regulation encourages wider stablecoin adoption, USDC could increasingly be used for payments, settlement, trading and on-chain financial products. That would give Coinbase a growing source of recurring revenue outside traditional trading fees. There is an important caveat: the exact stablecoin-rewards language matters. Coinbase has opposed drafts that it believes would restrict rewards or favor traditional banks. A final bill is only clearly bullish if it preserves an attractive economic model for Coinbase and USDC. 5. Base could become regulated financial infrastructure Base is Coinbase’s Ethereum Layer 2 network. If developers and institutions finally receive clear rules, more applications, assets and financial activity could move on-chain. Coinbase would benefit not only from people trading crypto, but from economic activity happening directly on its network. 6. The regulatory discount could disappear Coinbase has historically traded with a significant regulatory risk premium. Investors have had to consider lawsuits, enforcement actions, delistings and the possibility that parts of the business could be restricted. Passing comprehensive market-structure legislation could remove a major part of that uncertainty. Even before earnings increase, investors may be willing to assign Coinbase a higher valuation multiple. That creates two potential catalysts at the same time: Higher revenue and earnings A higher multiple on those earnings That combination is where the real upside could come from. 7. Regulation could strengthen Coinbase’s competitive advantage Compliance is expensive. A clear regulatory framework may attract new competitors, but it would also raise the standards required to operate legally in the US. Smaller offshore exchanges may struggle to meet those requirements. Coinbase already has the licenses, institutional relationships, compliance infrastructure and brand recognition. Regulation could therefore turn its biggest historical burden into a competitive advantage. I write posts like these regularly for my X subscribers. If you found this valuable, consider subscribing.

.@IOHK_Charles argues Cardano has led on technology for years, saying Ethereum is now exploring similar ideas while overlooking Cardano's contributions. https://t.co/xfRqsGYjlU

"That's the real competition, and that's what keeps me up at night." @IOHK_Charles says crypto is too busy fighting over Solana vs. Ethereum while tech giants like Google and JPMorgan quietly build the infrastructure for the next phase of digital finance. Thank you to @jpegtrading 👋 for being a sponsor of the CoinDesk Media Network.

Tom Lee says Ethereum at 300 billion dollars is grossly undervalued and could reach one to five trillion. Here is the land comparison that reframes everything about how you should think about ETH. https://t.co/iEYtc0xReI

🇺🇸 UPDATE: The Morgan Stanley Ethereum Trust has received an SEC effectiveness filing, marking another step forward in the registration process. https://t.co/Feo5SZqV3E

INSIGHT: RWAs surpassed crypto assets in trading volume on @HyperliquidX for the first time last week, representing 54% of total volume. https://t.co/pGkxb8aQLq