Coinbase's revenue, and volume, were down a fair bit; their retail volume in particular was down ~45% quarterly.
(The flip side--lots of growth potential in the next bull market!)
3) Once again, the vast majority of their transaction revenue was retail -- around 95%.
Of their other revenue--now ~25% of their total--'interest income' is the most interesting one. About $20m of this seems to be on Coinbase, and the other ~$80m of it from USDC.
THOUGH MAYBE A LITTLE BIT OF SPECTACLE ADVICE AT THE END
Also: note that most of the below is about the *US* policy landscape. Other countries may differ.
3) First off—a huge thanks to everyone who gave constructive feedback, comments, and criticism—notably @ErikVoorhees and @RyanSAdams but too many more to name. I’ve revised my post some already, and will continue to do so.