Brian Armstrong

"Coinbase is buying Bitcoin. We're buying our own stock back... Coinbase is actually powering infrastructure for five of the largest banks in the world right now." Management is signaling deep value at current price levels through share repurchases. Furthermore, the pivot from pure retail trading fees to B2B infrastructure for "Traditional Banks" creates a stickier, institutional revenue stream that the market may be undervaluing. Long COIN as a dual bet on retail crypto recovery and institutional banking integration. Failure of the market structure bill to pass; continued compression of trading fees.

Armstrong says there is a good chance crypto is on the cusp of the next bull market for spot trading. Prior crypto bear markets lasted about 370-380 days and this one is reaching that point; the September 15 Clarity Act vote is a catalyst; and October through December tend to be strong Bitcoin months after the halving cycle.

The Clarity Act is coming up for a full Senate vote on September 15 and Armstrong expects it to pass with more than 60 votes. He says the bipartisan bill is good for banks, giving them 13 new powers to grow their business, and good for crypto companies and approximately 50 million U.S. crypto owners, cementing durable crypto regulatory clarity.

Tokenized equities on Coinbase are true 1-to-1 backed US stocks that give 4 billion unbrokered people around the world permissionless access to high-quality US investments like NVIDIA and Coinbase stock. This new access will create additional demand for those US stocks.

"The CFTC has exclusive authority over these types of contracts... Coinbase has been building out what we call the everything exchange... We also launched prediction markets." Despite state-level attempts to ban prediction markets as "gambling," the CFTC is stepping in to claim federal jurisdiction. This regulatory cover allows major compliant exchanges (like Coinbase) to enter the sector, legitimizing it as a financial derivative rather than a casino game. Long Prediction Markets infrastructure and platforms. Supreme Court challenges regarding state preemption; potential reversal of CFTC stance.