Coinbase’s market share is trending upward
According to data from Kaiko, Coinbase’s market share has reached its highest level since January 2023, despite the SEC lawsuit.
Coinbase has consistently maintained control over approximately 50% of trading activity on US-regulated exchanges since the beginning of the year. By June 2023, Coinbase’s market dominance recorded significant growth, reaching a peak of 64% amidst the SEC filing charges against Coinbase and Binance for securities law violations.
Other US platforms such as Kraken and Bitstamp have also increased their market share during this period. However, in contrast to Coinbase, Binance.US has suffered significant losses in the SEC lawsuit, leading to a sharp decline in its market share.
Traditional financial institutions continue to collaborate with Coinbase
Despite the SEC lawsuit, some traditional financial institutions, including BlackRock, Fidelity, and ARK Investments, are still partnering with Coinbase to share surveillance in order to file for a Bitcoin ETF Spot.
Ryan Selkis, the founder of Messari, stated that these partnership relationships emphasize the legal compliance of Coinbase as a US financial institution, signaling the increasing acceptance of cryptocurrency businesses within the traditional financial sector.
Last week, Coinbase submitted its response and announced its intention to file a motion to dismiss the SEC’s complaint against them.
According to a recent court ruling, the SEC will respond to Coinbase’s initial legal defense arguments on July 13th. The deposition date has been moved up due to Coinbase’s defense strategy, in which the exchange submitted its initial response 40 days ahead of the deadline, which was originally set for August 7th.