Bitwise: Coinbase benefits from the unfriendly regulatory environment in the United States

ChainCatcher news, according to TheBlock, Bitwise Chief Investment Officer Matt Hougan stated that the cryptocurrency exchange Coinbase is benefiting from the "harsh regulatory environment" in the United States. Last week, Coinbase reported that it achieved $1.6 billion in revenue in the first quarter of 2024 due to rising trading fees charged to institutional and consumer clients. Matt Hougan believes that the U.S. regulatory environment is creating an artificial moat for Coinbase's business, helping it maintain extremely high profit margins and achieve excess returns in the short term.