Coinbase is becoming an increasing threat to traditional financial firms (TradFi) as it steps up its lobbying the US Securities and Exchange Commission (SEC) to allow firms to use distributed ledger technology (DLT) to issue, trade, and settle securities, opening the door to tokenized equities in the US. It is also pushing regulators to approve the integration of brokerage, exchange, custody, and clearing under one firm rather than using multiple intermediaries.
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