Coinbase、華爾街和未來金融體系的拉鋸戰

隨著加密貨幣行業在市場波動和立法鬥爭中爭奪在傳統金融體系中的地位，探索 Coinbase 和華爾街之間在穩定幣收益率和監管控制方面日益激烈的衝突。

Coinbase finds itself at a crossroads, battling Wall Street over stablecoin yields and regulatory frameworks, as the crypto industry's mainstream integration faces fierce traditional finance gatekeepers. The stakes? Nothing less than who gets to write the next chapter of the global financial system.

Coinbase 發現自己正處於十字路口，在穩定幣收益率和監管框架方面與華爾街展開鬥爭，因為加密行業的主流整合面臨著激烈的傳統金融看門人。賭注？不亞於誰能書寫全球金融體系的下一篇章。

The Davos Dust-Up: Armstrong vs. Dimon

達沃斯之爭：阿姆斯特朗 vs. 戴蒙

Remember that scene at Davos? Jamie Dimon, JPMorgan’s straight-shooting CEO and a long-time crypto skeptic, reportedly interrupted Coinbase’s Brian Armstrong with a blunt, “You’re talking nonsense!” It’s the kind of high-stakes confrontation that perfectly encapsulates the simmering tension between old money and new digital disruptors. Armstrong, head of the U.S.’s largest crypto firm, had been publicly accusing banks of trying to sabotage legislation aimed at digital asset regulation, and Wall Street’s titans weren't about to let that slide without a word or two, or a whole minute if you were Jane Fraser.

還記得達沃斯的那一幕嗎？據報導，摩根大通的直率首席執行官、長期對加密貨幣持懷疑態度的傑米·戴蒙 (Jamie Dimon) 直言不諱地打斷了 Coinbase 的布萊恩·阿姆斯特朗 (Brian Armstrong) 的話，“你在胡說八道！”這種高風險的對抗完美地體現了舊錢和新數字顛覆者之間一觸即發的緊張關係。美國最大的加密貨幣公司的負責人阿姆斯特朗一直公開指責銀行試圖破壞旨在數字資產監管的立法，而華爾街的巨頭們不會一兩句話，或者如果你是簡·弗雷澤（Jane Fraser）的話，一兩句話就讓這件事溜走。

Stablecoin Standoff: A Battle for Deposits

穩定幣對峙：存款之戰

At the heart of this clash is a key question: should crypto exchanges be allowed to offer yields on stablecoins? Coinbase and others believe in a free market, proposing attractive annualized returns (think 3.5%) to stablecoin holders. The old guard on Wall Street isn't exactly thrilled, seeing these rewards as direct competition to their own low-yield savings accounts (often below 0.1%). Banks fear a significant outflow of deposits, potentially weakening community banks and impacting their lending power. This isn't just a squabble over a few percentage points; it’s a foundational debate about who controls resident deposits, the very lifeblood of traditional banking. The proposed “Clarity Act” has become the legislative battleground, poised to redefine everyday financial services from payments to bank accounts.

這場衝突的核心是一個關鍵問題：是否應該允許加密貨幣交易所提供穩定幣收益？ Coinbase 和其他公司相信自由市場，向穩定幣持有者提出具有吸引力的年化回報（認為 3.5%）。華爾街的守舊派並不感到興奮，他們認為這些獎勵是對他們自己的低收益儲蓄賬戶（通常低於 0.1%）的直接競爭。銀行擔心存款大量外流，可能會削弱社區銀行並影響其放貸能力。這不僅僅是幾個百分點的爭論；這是一場關於誰控制居民存款的根本性辯論，居民存款是傳統銀行業的命脈。擬議的“清晰法案”已成為立法戰場，準備重新定義從支付到銀行賬戶的日常金融服務。

Coinbase's Rocky Ride: Market Swings and Regulatory Shadows

Coinbase 的坎坷歷程：市場波動和監管陰影

While the regulatory wrestling match unfolds, Coinbase isn’t having the easiest time on the market. Its stock recently took a nearly 5% dip, mirroring Bitcoin’s fall below $85,000. This kind of volatility is a double-edged sword: it can bring trading volumes but also scare off cautious investors, directly impacting Coinbase's transaction-based revenue. Policy uncertainty, particularly around stablecoin regulations, looms large. With a White House summit on dollar-pegged stablecoins scheduled for February 2 and Senate committees advancing digital-asset bills, Brian Armstrong has publicly urged lawmakers to slow down. Rushing legislation without resolving key questions, he argues, could lead to incomplete and potentially damaging regulatory frameworks. Meanwhile, Coinbase's attempts to expand into new areas, like prediction markets, are drawing their own share of regulatory scrutiny.

儘管監管角力正在展開，但 Coinbase 的市場日子並不好過。其股價最近下跌了近 5%，反映出比特幣跌破 85,000 美元。這種波動是一把雙刃劍：它可以帶來交易量，但也會嚇跑謹慎的投資者，直接影響 Coinbase 基於交易的收入。政策不確定性，特別是圍繞穩定幣監管的政策不確定性日益凸顯。隨著白宮定於 2 月 2 日舉行關於與美元掛鉤的穩定幣的峰會，以及參議院委員會推進數字資產法案，布萊恩·阿姆斯特朗 (Brian Armstrong) 公開敦促立法者放慢腳步。他認為，在不解決關鍵問題的情況下倉促立法可能會導致監管框架不完整且可能具有破壞性。與此同時，Coinbase 嘗試向預測市場等新領域擴張，也引發了監管部門的審查。

Beyond Coinbase: Wall Street's Broader Crypto Embrace

超越 Coinbase：華爾街更廣泛的加密貨幣擁抱

It's not all bare-knuckle brawling, though. Wall Street's relationship with crypto is a nuanced one. While they might push back against Coinbase’s disruption of their core business, there's a growing appetite for certain crypto assets. Take XRP, for instance. Wall Street firms are reportedly eyeing significant price predictions for 2026, driven by surging ETF inflows and improving regulatory clarity. And it's not just XRP; assets like Stellar's XLM and XDC are being highlighted as

不過，這並不全是赤手空拳的爭吵。華爾街與加密貨幣的關係是微妙的。儘管他們可能會抵制 Coinbase 對其核心業務的干擾，但人們對某些加密資產的興趣正在不斷增長。以 XRP 為例。據報導，在 ETF 資金流入激增和監管透明度提高的推動下，華爾街公司正在關注 2026 年的重大價格預測。不僅僅是 XRP； Stellar 的 XLM 和 XDC 等資產被突出顯示為