The Daily: Coinbase expands into stocks and prediction markets, SEC issues crypto custody guidance, SoFi launches a stablecoin, and more
Coinbase is pushing to be an 'everything exchange' by adding stocks and prediction markets, while the SEC issued new crypto custody rules.Summary
Coinbase is aggressively expanding its offerings to become an "everything exchange," introducing commission-free stock and ETF trading with extended hours, integrating Solana DEX trading via Jupiter, and launching prediction markets through Kalshi. The strategy centers on custom stablecoins and expanded payments APIs, alongside derivatives and AI tools like Coinbase Advisor.
In regulatory news, the SEC's Division of Trading and Markets clarified that broker-dealers must maintain exclusive control of private keys for crypto asset securities to comply with customer protection rules. Separately, the Federal Reserve rescinded a restrictive 2023 policy, allowing state member banks to seek approval for novel crypto activities on a case-by-case basis.
Other key developments include SoFi launching its fully reserved stablecoin, SoFiUSD, to offer settlement infrastructure for banks and fintechs, and India's antitrust regulator approving Coinbase's minority stake acquisition in CoinDCX.
(Source：The Block)