As more traders begin dabbling in crypto in the U.S., a host of competing exchanges will likely attempt to step onto Coinbase’s home turf, potentially cutting into the trading platform’s market share and profit, Moley told Decrypt.

Coinbase's market dominance has declined in recent months, as smaller crypto-native exchanges encroach upon its business, a September report from crypto research firm Kaiko shows. The trading platform's market share slid to 41% in September, down from roughly 54% last March, the data shows.