Coinbase、华尔街和未来金融体系的拉锯战

随着加密货币行业在市场波动和立法斗争中争夺在传统金融体系中的地位，探索 Coinbase 和华尔街之间在稳定币收益率和监管控制方面日益激烈的冲突。

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 发现自己正处于十字路口，在稳定币收益率和监管框架方面与华尔街展开斗争，因为加密行业的主流整合面临着激烈的传统金融看门人。赌注？不亚于谁能书写全球金融体系的下一篇章。

The Davos Dust-Up: Armstrong vs. Dimon

达沃斯之争：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.

还记得达沃斯的那一幕吗？据报道，摩根大通的直率首席执行官、长期对加密货币持怀疑态度的杰米·戴蒙 (Jamie Dimon) 直言不讳地打断了 Coinbase 的布莱恩·阿姆斯特朗 (Brian Armstrong) 的话，“你在胡说八道！”这种高风险的对抗完美地体现了旧钱和新数字颠覆者之间一触即发的紧张关系。美国最大的加密货币公司的负责人阿姆斯特朗一直公开指责银行试图破坏旨在数字资产监管的立法，而华尔街的巨头们不会一两句话，或者如果你是简·弗雷泽（Jane Fraser）的话，一两句话就让这件事溜走。

Stablecoin Standoff: A Battle for Deposits

稳定币对峙：存款之战

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.

这场冲突的核心是一个关键问题：是否应该允许加密货币交易所提供稳定币收益？ Coinbase 和其他公司相信自由市场，向稳定币持有者提出具有吸引力的年化回报（认为 3.5%）。华尔街的守旧派并不感到兴奋，他们认为这些奖励是对他们自己的低收益储蓄账户（通常低于 0.1%）的直接竞争。银行担心存款大量外流，可能会削弱社区银行并影响其放贷能力。这不仅仅是几个百分点的争论；这是一场关于谁控制居民存款的根本性辩论，居民存款是传统银行业的命脉。拟议的“清晰法案”已成为立法战场，准备重新定义从支付到银行账户的日常金融服务。

Coinbase's Rocky Ride: Market Swings and Regulatory Shadows

Coinbase 的坎坷历程：市场波动和监管阴影

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.

尽管监管角力正在展开，但 Coinbase 的市场日子并不好过。其股价最近下跌了近 5%，反映出比特币跌破 85,000 美元。这种波动是一把双刃剑：它可以带来交易量，但也会吓跑谨慎的投资者，直接影响 Coinbase 基于交易的收入。政策不确定性，特别是围绕稳定币监管的政策不确定性日益凸显。随着白宫定于 2 月 2 日举行关于与美元挂钩的稳定币的峰会，以及参议院委员会推进数字资产法案，布莱恩·阿姆斯特朗 (Brian Armstrong) 公开敦促立法者放慢脚步。他认为，在不解决关键问题的情况下仓促立法可能会导致监管框架不完整且可能具有破坏性。与此同时，Coinbase 尝试向预测市场等新领域扩张，也引发了监管部门的审查。

Beyond Coinbase: Wall Street's Broader Crypto Embrace

超越 Coinbase：华尔街更广泛的加密货币拥抱

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

不过，这并不全是赤手空拳的争吵。华尔街与加密货币的关系是微妙的。尽管他们可能会抵制 Coinbase 对其核心业务的干扰，但人们对某些加密资产的兴趣正在不断增长。以 XRP 为例。据报道，在 ETF 资金流入激增和监管透明度提高的推动下，华尔街公司正在关注 2026 年的重大价格预测。不仅仅是 XRP； Stellar 的 XLM 和 XDC 等资产被突出显示为