Coinbase（硬币）的演奏不错。它因其所谓的“ Chokepoint 2.0”撤销活动的记录起诉FDIC

Coinbase（硬币）的演奏不错。加密货币交易所已经追随了FDIC，因为它所谓的“荒谬”延迟策略

Coinbase (COIN) is heating up its battle with the FDIC. The crypto exchange is pushing back against the agency’s request for a 16-day extension to respond to a lawsuit under the Freedom of Information Act.

Coinbase（硬币）正在加热与FDIC的战斗。加密交易所正在反对该机构要求延长16天的延期，以应对《信息自由法》下的诉讼。

Coinbase maintains that the FDIC, which has already been granted an extension, has had ample time to prepare its response and is now engaging in delay tactics.

Coinbase坚持认为，FDIC已经获得了扩展，已经有足够的时间准备其反应，现在正在采取延迟战术。

The lawsuit centers on the release of critical records detailing the alleged efforts by the agency to advise banks against working with crypto firms. Coinbase is arguing that the FDIC is trying to sidestep accountability.

诉讼集中在发布关键记录的重点，详细介绍了该机构为银行不要与加密货币公司合作的努力。 Coinbase认为，FDIC试图避开责任。

“The agency’s interpretation of the default deadline is legally incorrect,” Coinbase stated, deeming the request "unwarranted" and lacking in "sound reason."

Coinbase表示：“该机构对默认截止日期的解释在法律上是不正确的。”

This legal clash is part of a broader contention. Coinbase, along with other industry figures, believes that federal agencies engaged in a campaign to pressurize banks into dropping crypto clients without going through proper rulemaking procedures.

这场法律冲突是更广泛争论的一部分。 Coinbase与其他行业数字一起认为，联邦机构正在进行一项运动，以迫使银行抛弃加密客户，而无需进行适当的规则制定程序。

Earlier this year, the FDIC released nearly 800 pages of internal documents. These documents, according to Decrypt, highlight how banks were cautioned against offering services to crypto firms.

今年早些时候，FDIC发布了近800页的内部文件。根据解密的说法，这些文件强调了如何警告银行不向加密货币公司提供服务。

The agency raised concerns about “reputation risk” to the FDIC in reports about providing advice to institutions on emerging trends in financial innovation. However, these documents don’t necessarily show the agency had safety concerns.

该机构在向FDIC提出了有关向机构提供有关新兴金融创新趋势的建议的报告。但是，这些文件不一定显示该机构有安全问题。

Coinbase CEO Brian Armstrong has described the alleged campaign as “one of the most unethical and un-American things that happened in the Biden administration.”

Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）将所谓的运动描述为“拜登政府中发生的最不道德和非美国人的事情之一”。

While antitrust issues in Big Tech have drawn attention, Armstrong argues that the crypto industry is also a critical sector.

尽管大技术中的反托拉斯问题引起了人们的关注，但阿姆斯特朗认为加密货币行业也是关键部门。

Despite the regulatory tension and a recent price downturn in the crypto market, analyst Brett Knoblauch from Cantor Fitzgerald believes Wall Street is still largely clueless about Coinbase’s true value.

尽管有监管紧张局势和最近的加密市场价格下跌，但坎托·菲茨杰拉德（Cantor Fitzgerald）的分析师布雷特·诺布拉赫（Brett Knoblauch）认为，华尔街对Coinbase的真实价值仍然毫无意义。

This week, the firm initiated coverage of Coinbase stock (COIN) with an “Overweight” rating and a $245 target.

本周，该公司以“超重”评级和245美元的目标开始覆盖Coinbase Stock（Coin）。

Knoblauch feels that analysts have largely written off Coinbase due to a lackluster 2022 performance and the recent decline in crypto prices. However, he believes there’s more to the story.

Knoblauch认为，由于2022年的表现不足和加密货币价格下降，分析师在很大程度上已经注销了Coinbase。但是，他认为这个故事还有更多。

According to the firm, a partnership between Coinbase and Circle for stablecoin processing is making Coinbase a more integral part of the Ethereum network. This network handles around 1.5 million transactions daily, which Knoblauch compares to the volume of a "large equities trading day."

根据该公司的说法，Coinbase与Circle进行的稳定菌属处理之间的合作关系使Coinbase成为以太坊网络的不可或缺的一部分。该网络每天处理约150万笔交易，这与“大型股票交易日”的数量相比。

A large portion of those transactions involve Circle’s USDC stablecoin, and for every dollar in USDC fees, Coinbase is estimated to receive $0.50. In 2022, Circle’s net revenue was $1.3 billion.

这些交易中的很大一部分涉及Circle的USDC Stablecoin，对于每美元的USDC费用，Coinbase估计将获得0.50美元。 2022年，Circle的净收入为13亿美元。

According to Knoblauch’s analysis, if USDC transactions continue at their current pace, and assuming a 50% revenue share for Coinbase, it could generate $6 billion in revenue by 2025. This would be a significant increase from the $1.2 billion reported in 2022.

根据Knoblauch的分析，如果USDC交易以目前的速度继续下去，并假设Coinbase的收入份额为50％，则到2025年，它可能会产生60亿美元的收入。这将是从2022年报道的12亿美元的大幅增长。

Moreover, Knoblauch anticipates that Circle will process even more transactions as its role in institutional DeFi expands.

此外，Knoblauch预计，随着其在制度性法的作用扩展，Circle将处理更多的交易。

The firm values Coinbase at 20 times its 2025E EPS of $12.22, arriving at a price target of $245. This would indicate a 73% upside potential from the last closing price on August 10.

该公司值Coinbase的20倍2025E每股收益为12.22美元，目标价为245美元。这将表明从8月10日的最后一次收盘价开始有73％的上涨潜力。

Coinbase is currently a hot topic on the Hill, with the House Oversight Committee launching a probe to determine whether federal regulators overstepped their boundaries in pressuring banks to close accounts with crypto firms.

Coinbase目前是山上的热门话题，众议院监督委员会发起了一个调查，以确定联邦监管机构是否超越了他们的界限，以迫使银行关闭与加密货币公司的帐户。

As part of its investigation into the alleged "Operation Choke Point 2.0," the committee has sent letters to Coinbase, a16z, and other industry players. They are seeking information on whether lawful businesses were unjustly targeted by the administration.

作为对所谓的“ Choke Point 2.0行动”的调查的一部分，该委员会已向Coinbase，A16Z和其他行业参与者发送了信件。他们正在寻求有关政府是否不公正地针对合法企业的信息。

The FDIC is now requesting 16 days to respond fully to Coinbase’s lawsuit.

FDIC现在要求16天对Coinbase的诉讼做出充分回应。