Coinbase is set to go public on Wednesday, and could be valued at as much as $100 billion more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of scepticism from Wall Street and regulators. Still, Kraken’s chief thinks regulatory uncertainty around crypto isn’t going away anytime soon.
There are signs that the use of crypto for nefarious purposes may be falling. Illicit activity accounted for just 0.34% of all crypto transaction volume last year, according to blockchain analysis firm Chainalysis. That was down from roughly 2% a year earlier. The U.S. isn’t the only country considering strict new rules on crypto. In India, for example, the government is considering a law that would ban cryptocurrencies and penalise anyone holding or trading them.