Coinbase Surges 7% on $5.9B Trading Volume Ranked 14th in U.S. Equity Volume as SEC Clears Crypto ETF Path

, 2025, , . equity volume. The rally coincided with the SEC’s approval of streamlined rule changes for crypto ETF listings, which boosted exchange activity and investor sentiment. Coinbase joined Bullish Global in outperforming peers amid regulatory developments.

The SEC’s revised framework for commodity-based ETFs, including digital assets, removed barriers for exchanges like Nasdaq and NYSE Arca to list products without prior rule changes. This move is expected to catalyze a wave of crypto ETF launches, enhancing liquidity and institutional participation. Coinbase has positioned itself as a key player in this evolving landscape, leveraging its infrastructure and regulatory engagement.

Coinbase also intensified its legal and political advocacy to counter state-level regulatory pressures. The exchange urged the Department of Justice to address what it called “overreach” by states like Oregon and New York, which have pursued aggressive enforcement actions. Coinbase highlighted the inconsistency of state regulations with federal priorities, emphasizing the need for preemptive federal legislation to unify oversight.

Separately, the SEC’s recent OIG report revealed the accidental deletion of Gary Gensler’s texts from 2022–2023, a development Coinbase cited to criticize the agency’s record-keeping practices. The exchange’s legal team argued this incident underscored the SEC’s credibility issues, particularly in its enforcement of crypto regulations.

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