The Power Vacuum at the Top of the Crypto Industry – The New York Times

Arguably the biggest beneficiary of crypto’s current reshuffle is Coinbase’s Mr. Armstrong, who declared this month that Bitcoin “may be the key to extending western civilization.” Coinbase’s share price has nearly tripled over the past six months, even after the Securities and Exchange Commission sued the firm as part of the agency’s broad crackdown on the industry.“

Coinbase is now the last man standing,” said John Todaro, an analyst at Needham who tracks the crypto industry. “There’s less competition out there.”

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Wall Street was once the enemy of the insurgent crypto industry, but after a bruising 18 months of bankruptcies and arrests, crypto proponents have greeted the collaboration between Coinbase and BlackRock as a potential salvation.“

Crypto isn’t disrupting Wall Street; it’s merging with it,” said Ms. Allen, the American University professor. “It’s fairly obvious — they think they can make some money here.”

Source: The Power Vacuum at the Top of the Crypto Industry – The New York Times