Bitwise CIO Matt Hougan makes the case that the SEC taking action against crypto-related businesses is helping Coinbase.
In the wake of the Securities and Exchange Commission issuing Robinhood Crypto a Wells Notice, Bitwise CIO Matt Hougan took to X to argue that a "hostile regulatory environment" is benefitting Coinbase, the top cryptocurrency exchange in the U.S.
While Coinbase has long been at loggerheads with the SEC, last week it reported that it had generated $1.6 billion in revenue during the first quarter of 2024 amid rising transaction fees collected from both institutional and consumer clients. Last month, decentralized crypto exchange Uniswap and Ethereum development studio Consensys both also received a Wells Notice from the SEC.
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