RT Jay ($/acc) (@jayendra_jog)Proud to see the US take a major step forward with the GENIUS and CLARITY acts being passed by the House.When we met with @RepBryanSteil last month to discuss crypto policy, these regulatory frameworks were core to our discussions. Thoughtful regulation fosters innovation.As Bryan said on the floor this week, "ensuring the United States leads the web3 revolution isn't a partisan issue, it's an American issue."Today, we take a leap forward toward CLARITY.Congrats to Rep. Steil, ...

Financial Data and Key Metrics Changes - Commission revenue increased by 27% year-over-year, reaching a record $516 million [5][16] - Net interest income also set a record at $860 million, up 9% from the previous year [24][25] - Pre-tax income exceeded $1 billion for the third consecutive quarter, with a pre-tax profit margin of 75% [10][21] Business Line Data and Key Metrics Changes - Client trading volumes expanded significantly, with options and futures setting new quarterly volume records [16] - Overnight trading volumes grew over 170% year-over-year, indicating strong demand for after-hours trading [8][9] - Client credit balances rose by 34% to a record $144 billion, reflecting increased cash deposits [9][22] Market Data and Key Metrics Changes - Total customer DARTs (Daily Average Revenue Trades) increased by 49% year-over-year, reaching 3.6 million trades per day [23] - Stock share volumes rose by 31%, while options and futures contract volumes increased by 24% and 18% respectively [23] Company Strategy and Development Direction - The company is focusing on automating brokerage operations and enhancing its platform to handle increased trading volumes [10][11] - New product introductions include investment themes and forecast contracts, aimed at improving client engagement and investment decision-making [12][13] - The company is exploring opportunities in the digital asset space, including partnerships and new offerings for cryptocurrencies [37][39] Management's Comments on Operating Environment and Future Outlook - Management noted that the market experienced significant volatility, leading to increased trading activity and client engagement [4][5] - The company remains optimistic about long-term trends towards global investing and the demand for U.S. market access from international clients [14][15] - Management expressed confidence in the brokerage industry's favorable environment, anticipating continued growth in retail trading activity [80] Other Important Information - The company completed a four-for-one stock split and increased its dividend from $1 to $1.28 annually [14][23] - Total assets grew by 33% year-over-year, driven by higher segregated cash balances and margin lending [22] Q&A Session Summary Question: Clarification on account growth expectations - Management projected lower account growth than actual results, indicating a strong performance in net new accounts [35] Question: Impact of digital asset initiatives - The company is enhancing its digital asset offerings and exploring partnerships to better serve client needs in the crypto space [37][39] Question: Perspectives on tokenized equity products - Management contrasted their offerings with competitors, emphasizing the advantages of direct ownership of stocks over tokenized derivatives [44][45] Question: Execution cost differences in overnight trading - Execution costs for stocks differ significantly between overnight and regular trading hours, with the company leveraging its ATS for competitive pricing [50][51] Question: Drivers of client credit balance growth - The increase in client credit balances was attributed to strong new cash deposits and a risk-off environment leading to higher cash holdings [69][70] Question: Future of zero DTE options - Management acknowledged the popularity of zero DTE options and discussed the complexities of offering them for single stocks [73][74]

Legislation Impact - Bipartisan crypto legislation is a "watershed victory" [1] - Legislation is expected to launch a golden age of digital assets and blockchain innovation [1]

JUST IN: 🇺🇸 Congressman Dusty Johnson says crypto market structure bill "will launch a golden age of innovation and digital assets.""This is huge." https://t.co/WC11d0Dr20 ...

🔥 BULLISH: Fox Business guest predicts Bitcoin will hit $150,000 in the next 6 months.“This is the golden age of digital assets.” https://t.co/LNHajcz2Qd ...

JUST IN: Fox Business discusses Bitcoin reaching $150,000 within 6 months."It's gonna happen in the next 6 months, this is the golden age of digital assets" https://t.co/P1HamB8SPi ...

RT CoinDesk Indices (@CoinDeskMarkets)“As digital assets move from the edges of portfolios to their core, tools that bring discipline and structure become increasingly important,” says @JdvXbt of @CoinDeskDatahttps://t.co/cEX0U9U3wv ...

Crypto Regulation Bills - House Republicans appear to have the support needed to move forward with key crypto regulation bills, boosting crypto prices [1] - The House is set to pass three major bills the crypto industry has been asking for: regulations on stable coins (Genius Act), market structure for digital assets (Clarity), and a ban on a central bank digital currency (CBDC) [2][3] - The stable coin bill already passed the Senate and is expected to pass in the House and potentially be signed into law before the end of the week [4] - The market structure and central bank digital currency bills are more complex and will need to go to the Senate, potentially taking longer to get done [5] - The crypto industry is particularly interested in the market structure bill, as it is expected to have a major impact [6] Political Considerations - Republican opposition to the crypto bills stemmed from concerns that passing the stable coin bill first would reduce pressure to ban a central bank digital currency [8] - Some House Freedom Caucus members are concerned that a central bank digital currency could lead to surveillance of Americans' financial transactions [8] - Trump reassured holdouts that a digital currency ban could be put in place, making them more comfortable moving ahead with the intended votes [9] Senate Action on Rescissions Package - The Senate is considering a rescissions package, with a key vote taken to advance the bill [11] - An agreement was reached to leave funding in place for a program meant to stop and prevent AIDS, unlocking some votes [12] - Funding for local radio stations is another area of concern for lawmakers [13] - The Senate must complete the rescissions package before Friday, the 45-day deadline [13]

JUST IN: Fox Business discussing Bitcoin potentially hitting $150,000 this year 👀"It's gonna happen in the next 6 months, this is the golden age of digital assets" 🚀 https://t.co/ungcHfx9X0 ...

Regulatory Landscape & Legislation - The industry is seeking clarity on crypto regulations in the US, particularly regarding which regulator (SEC or CFTC) has authority over different digital assets [2][4][6] - The industry is focused on the passage of three key bills: The Clarity Act (market structure), the Genius Act (stablecoin regulation), and the Anti-CBDC Surveillance State Act [1][3][4] - The Genius Act, focused on stablecoins, has already passed the Senate and is expected to be ready for presidential signature soon [3][7] - The Clarity Act is considered a top legislative priority, aiming to define when an asset is a security (SEC oversight) versus a commodity (CFTC oversight) [5][6] - The industry believes that passing both the Genius Act and the Clarity Act is crucial for the US to remain competitive in the crypto space [4][7] Stablecoins & Financial System - The industry views stablecoins as an important element of the financial future and a critical infrastructure for payments, both domestically and internationally [8][9] - The industry believes that recognizing stablecoins in US law will boost confidence in the market and encourage institutional investment in the technology [8][9] Political & Industry Actions - Coinbase has launched a six-figure campaign to urge Congress to pass the Clarity Act [5] - Coinbase has contributed nearly $100 million to date to Fairshake, a political action committee focused on the crypto industry, including an additional $25 million contribution recently [16] - Fairshake had $141 million cash on hand as of June 30th [15] - The industry anticipates future focus on crypto tax policy and seeks legislators with a pragmatic approach to these issues [18][19] Legal Challenges - Oregon is pursuing legal action against Coinbase, alleging securities law violations, despite similar claims being rejected elsewhere [20][22] - Coinbase has filed a counter-suit against Oregon, seeking public records related to the state's change in position on digital assets [20][23]