This report does not constitute a rating action. Overview Key strengths Key risks Good, albeit volatile, market share in cryptocurrency trading. Earnings volatility linked to significant variation in crypto asset trading volume. Adequate liquidity. Reliance on retail transaction revenue. Competitive risk in a nascent asset class. Under the Biden administration, the SEC's "regulation by enforcement" approach had been a threat to the business models of various crypto players, including Coinbase. Those lawsuits were dismissed this year under the Trump administration. In addition, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), signed into law in July 2025, creates a regulatory framework for payment stablecoin issuers. We expect the pending Digital Asset Market Clarity Act (CLARITY Act) to
