Coinbase Global, Inc.

During today's discussion, we may make forward-looking statements that may vary materially from our actual results. Please refer to our SEC filings and earnings presentation for information concerning risks, uncertainties, and other factors that could cause these results to differ. In addition, our discussion today may include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Investor Relations website.

Hey, everyone. Thanks for joining us live on X today. I'm Alesia Haas, CFO of Coinbase, and I'm here with our co-founder and CEO, Brian Armstrong. We are also joined today by a group of independent and institutional research analysts. We're excited to connect directly with you, our customers, our community, our shareholders, to talk about our quarter and answer your questions. So we're going to take our first question from an independent analyst named Eric Pan. Eric, over to you.

Hey there, Eric Pan, Eric Domics here. Great to see you guys again since the systems update in New York. My question is around clarity. As clarity is at the one-yard line and now out for the Senate floor vote, prediction markets and galaxy research have odds of it passing around roughly 30%, and August recesses right around the corner. Now, I really want to be optimistic about this, but also imagining a scenario of a world where it doesn't really get passed. So my question is, what's going to happen with one, Coinbase? Are you guys just going to be more careful while kind of being in this limbo between CFTC and the SEC? And then two, us, the everyday consumers, if it doesn't get passed?