The Funding: Why Coinbase launched an ICO platform — and how its rivals are reacting

Coinbase has made significant strategic moves by acquiring Echo, an angel investing platform, and launching its own public token sales platform focused on U.S. retail users. This shift is largely motivated by a perceived improvement in the U.S. regulatory environment, particularly following statements from SEC Chair Paul Atkins suggesting new frameworks for ICOs, a stark contrast to the post-2017 crackdown. Coinbase aims to support projects through their entire lifecycle, from early raises on Echo to broad distribution on its main exchange. Rivals like CoinList view this as validation of the shifting regulatory climate but are taking different approaches; CoinList is focusing on more decentralized sale mechanisms, while Legion positions itself as an "ICO underwriter." Other platforms, like BuidlPad, remain cautious about targeting U.S. retail. Experts suggest this move could spark a more sustainable, evolved version of an ICO wave, driven by fundamentals rather than 2017-style hype. Regarding a potential Base token, Coinbase is exploring the idea, though some speculate an airdrop might be favored to classify it as a commodity and avoid regulatory conflicts.

(Source：The Block)