Coinbase Wants the U.S. to Revamp Crypto Regulations

Shutterstock photo by Ira Lichi

The crypto exchange company published a four-pillar document today.

by Mike Dalton

Thu 14 Oct 2021 · 14:38 EDT 2 min read

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Coinbase Global, Inc. (COIN) price

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Last close: $161
Close-to-close change: −1.1%
Market cap: $42.5B (shares as of 2026-09-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −2.53 for 2025-10-01 to 2026-09-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 29, 2026 · tokenized COINx	$161	$42.5B	Not meaningfulLoss, diluted EPS −2.53 to 2026-09-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 29, 2026 · tokenized MSTRx	$142	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 29, 2026 · tokenized CRCLx	$80	Unavailable	16.0	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 29, 2026 · tokenized BMNRx	$22	$13.1B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 12:47 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Cryptocurrency exchange Coinbase is urging U.S. regulators to create a unified system of cryptocurrency regulations.

Coinbase Lays Out Regulatory Suggestions

Today, Coinbase published a document entitled “Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership.”

CEO Brian Armstrong also wrote an op-ed for the Wall Street Journal laying out those points more briefly.

Armstrong and his company put forward four key points. First, he argued that the U.S. government should create a new regulatory framework around digital assets. Armstrong argues that regulations currently in place were built around financial intermediaries and concepts that do not apply to cryptocurrency.

Second, Armstrong argued that a single federal regulator should be responsible for the new framework. Currently, he says, the U.S. has an “impenetrable array of regulators.”

Third, he argued that this new framework should protect crypto investors. Fourth, he suggested that the framework should allow for fair competition and interoperability between crypto projects.

Armstrong wrote that these suggestions are “meant to spark a conversation about regulating crypto,” adding that they are “not anchored in specific products” but rather a “high-level view of the changing financial system and the new technology that underpins it.”

Will the Plan Go Forward?

It’s not clear how much influence these suggestions will have. Elsewhere, Coinbase Chief Policy Officer Faryar Shirzad said that Coinbase has met with three dozen lawmakers and that the response from the government has been “welcoming.”

Coinbase has quickly become a target for regulators in recent months. In September, the U.S. Securities and Exchange Commission (SEC) threatened to sue the company over its Lend product. Coinbase was also forced to end margin trading in response to actions by the Commodity Futures Trading Commission (CFTC).

Coinbase has also spoken out against regulations that would more broadly affect the crypto industry, including a recent crypto tax bill and rules that would force reporting of large transactions.

Incidentally, the U.S. government has drafted its own unified approach to crypto regulation. The two plans do not seem to be compatible, as Coinbase’s suggestions represent a complete overhaul of the current system.

Ultimately, it seems unlikely that the U.S.’s current group of regulators will follow Coinbase’s suggestions, though the company’s suggestions may gain traction within the crypto industry.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

Disclosure: This article was edited by Mike Dalton. For more information on how we create and review content, see our Editorial Policy.

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