Companies like Coinbase are essentially engaging in regulatory arbitrage. Once the Clarity Act is passed or new SEC regulations come into play, the regulatory landscape will become clearer. The pie might get bigger, but they'll face more and stronger competitors. Just look at Robinhood's rise, and you'll see how interesting the future could be. Whether they can grab a bigger slice of the pie will depend on their own capabilities. At times like this, players with retail DNA + native crypto thinking often have a higher chance of winning. That said, we're still in the early stages, and the future is going to get more and more exciting. This also makes it increasingly important to evaluate investments in $COIN, $HOOD, and $CRCL. The previous strategies might need to be reconsidered in light of new developments.