What the numbers say: Earlier this week, Coinbase CEO Brian Armstrong said that the Securities and Exchange Commission is on a "lone crusade" against the cryptocurrency industry. Coinbase is the only publicly-traded cryptocurrency exchange in the U.S.
Relevance: In March, the SEC warned Coinbase that it planned to pursue enforcement action against the exchange. Last month, Armstrong suggested that his company could leave the U.S. due to aggressive actions from regulators, but he walked back the comment on Monday.
What's Next? Coinbase's future depends on the growth of the broader cryptocurrency market, and it is unclear if the industry will rebound from the latest Crypto Winter and the volatility seen so far this year. The overall market capitalization of cryptocurrencies, based on public prices of well-known cryptocurrencies like Bitcoin and Ethereum, is nearly $1.2T, down from a peak of more than $2.8T in late 2021.