Coinbase stock ended the trading session almost flat after opening at $322.08 and touching intraday high of $327.24. The stock is still hovering around its yearly high at $334.86. Coinbase's stock price has strong dependence on the sentiment in cryptocurrency markets. Bitcoin touched another lifetime high in today's trading session but witnessed selling at higher levels. Market players are looking forward to Bitcoin touching $100,000 soon but there could be selling before reaching that psychological level. Coinbase was also in the news today as Donald Trump met Coinbase CEO. The exchange also informed that it will delist WBTC in December 2024. The cryptocurrency and financial sectors are abuzz with critical updates, ranging from Coinbase’s delisting of Wrapped Bitcoin (WBTC) to its increasing influence in the DeFi space. Simultaneously, Coinbase CEO Brian Armstrong’s discussion with President-elect Donald Trump signals a potentially transformative moment for crypto regulation in the United States.

Lastly, Anthony Pompliano’s comparison of Coinbase to Apple underscores the brand's strategic position in the evolving digital asset landscape. These developments highlight the growing intersection of crypto innovation, regulation, and market dynamics.

Coinbase to Delist Wrapped Bitcoin (WBTC) on December 19, 2024

Coinbase has announced its decision to delist Wrapped Bitcoin (WBTC) across all platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime. Trading for WBTC will cease on December 19, 2024, at 12 PM ET, following a comprehensive review indicating the token no longer meets Coinbase’s listing standards. Specific reasons for the delisting remain undisclosed.

The exchange has already placed WBTC in limit-only mode, allowing users to manage existing limit orders until trading halts. Notably, users will still retain access to their WBTC holdings and can withdraw them post-suspension.

This strategic move aligns with Coinbase’s focus on promoting Coinbase Wrapped Bitcoin (cbBTC), its own Bitcoin-backed token introduced in September 2024. Backed 1:1 by Bitcoin held in Coinbase custody, cbBTC is designed to enable secure interaction with decentralized applications (dApps). By November 2024, cbBTC achieved a $1.3 billion market cap, with the majority of its circulation concentrated on Base (82%).

Wrapped Bitcoin (WBTC), historically pivotal for Bitcoin integration into Ethereum-based DeFi, faces mounting competition from cbBTC, which is seamlessly integrated within Coinbase’s ecosystem. As Coinbase-backed solutions gain traction, WBTC’s market dominance is increasingly challenged.

Donald Trump Discusses Crypto Regulation with Coinbase CEO

On Monday, reports emerged of a pivotal interaction between President-elect Donald Trump and Coinbase CEO Brian Armstrong. Initially believed to be a private meeting, it was later clarified as a phone conversation centered on broader cryptocurrency policy and regulation.

Armstrong’s company has been an active supporter of pro-crypto political candidates, including Trump, investing nearly $50 million in advocacy efforts. During the call, discussions reportedly focused on potential appointments to key regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The CFTC’s role could expand under new legislation, potentially shifting some oversight of digital assets from the SEC. Speculation surrounds potential nominees, including Summer Mersinger, a current CFTC commissioner, and Josh Sterling, a legal expert frequently representing industry-related cases.

Unverified rumors also suggest that Ripple CEO Brad Garlinghouse may have had access to Trump, though Ripple has declined to comment on private discussions. The outcome of these regulatory appointments is expected to shape the future of the U.S. cryptocurrency landscape.

Anthony Pompliano Compares Coinbase to Apple

During the 2024 Benzinga Future of Digital Assets Conference, cryptocurrency advocate Anthony Pompliano drew parallels between Coinbase and tech giant Apple. Highlighting Coinbase’s unique brand trust, Pompliano argued that the company’s reputation cannot be replicated or bought.

Pompliano noted that Coinbase’s products have gained widespread popularity through word-of-mouth, cementing its position as a leader in the crypto sector. Its recent resurgence as the number one app in app stores reflects its growing appeal to new investors amidst a pro-crypto U.S. administration.

Comparing Coinbase’s ecosystem to Apple’s network of interconnected products, Pompliano emphasized that while Apple may not offer the best technical phone, its brand power drives customer loyalty. Similarly, Coinbase’s holistic approach to product integration strengthens its dominance in the crypto market.

As more cryptocurrency firms pursue IPOs or acquisitions, Pompliano predicts that Coinbase’s brand and trust factor will keep it at the forefront of the industry’s expansion.