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The largest cryptocurrency exchange in the U.S. by volume, Coinbase, is entering into fierce competition with major financial institutions. In its latest move, Coinbase made a notable submission to the SEC, signaling its intent to diversify its revenue streams. This initiative also aims to boost the global adoption of cryptocurrency on a large scale.
Coinbase and Tokenized Stocks
At the time of writing, geopolitical tensions between Iran and Israel have placed Bitcoin 
$106,325 at $104,300. Meanwhile, investors hoping for a tariff agreement from Trump, who left the G7 summit early, were met with disappointment. Treasury Secretary Bessent represented Trump at the summit. With a short-term negative outlook, cryptocurrencies are also affected by concerns regarding impending statements by the Fed Chairman.
Simultaneously, Coinbase applied to the SEC to offer tokenized stocks. If approved, this move will pave the way for blockchain-based stock trading. Brokerages like Robinhood and Charles Schwab are also pursuing similar initiatives, intensifying the competition in this sector.
Paul Grewal, Coinbase’s Chief Legal Officer, emphasized this as a top priority and disclosed that Coinbase sought a no-action letter or exemption from the U.S. Securities and Exchange Commission (SEC).
Coinbase and Cryptocurrencies
JD Vance anticipates that 100 million U.S. citizens will become cryptocurrency investors. The proliferation of cryptocurrencies in the U.S. is crucial for global growth. As one of the biggest supporters of development in the region, Coinbase’s actions are significant. The company recently partnered for an American Express-backed credit card and signed agreements with Stripe and Shopify for USDC payments.
Furthermore, offering tokenized stocks to the world signifies the establishment of a new bridge between crypto and traditional finance. Recently, we reported that Kraken exchange took a similar path, announcing xStocks.
Amidst these developments, Trump signaled the continuation of tensions with the following words:
“We now have full and complete control over the skies above Iran. Iran had good air monitoring systems and other defense equipment, and they had plenty of them, but these cannot compare to ‘materials’ made, designed, and produced by Americans.”
The next 24 hours in the cryptocurrency market are expected to be significantly more volatile.
