>"Compared to the United States equities market, crypto trading lacks the market access, liquidity and tools required for institutional participation."

"The cryptocurrency trading market is in its early stages, with regulations playing a key role in market fragmentation."

According to the data above, the New York Stock Exchange’s share of global equity trading is more than 12 times higher than Coinbase’s, and the top two U.S. equity exchanges account for over 50% of global daily trading volume, while the top two U.S. crypto exchanges represent only 3% of the global trading volume.