Rebecca Rettig

Rebecca states that the industry is "closer to the finish line than ever" regarding the market structure bill, estimating a ~45% chance of passing. She notes specific wins in the bill regarding "self-custody" and "issuing tokens in the US." Coinbase has been trading at a discount due to regulatory existential risk (SEC lawsuits). If a bill passes that explicitly allows for token issuance and protects non-custodial software, the primary bear case for Coinbase evaporates, and they become the primary regulated venue for these new assets. LONG as a play on regulatory clarity and the legalization of the US crypto-token market. The bill fails to pass in an election year; the "yield" component of stablecoins gets banned, hurting COIN's revenue from USDC.