Core Viewpoint - Coinbase Global, Inc. (NASDAQ:COIN) is facing challenges due to regulatory concerns and market performance, with a recent price target reduction by Piper Sandler indicating cautious sentiment ahead of earnings [2][4]. Group 1: Regulatory Concerns - CEO Brian Armstrong expressed opposition to the Senate Banking draft on cryptocurrency market structure, highlighting issues such as a de facto ban on tokenized stocks, restrictions on DeFi, and increased government access to financial records [3]. - Armstrong stated that the proposed plan would be worse than the current regulatory environment, indicating a preference for no legislation over poorly drafted bills [3]. Group 2: Market Performance - As of January 23, 2026, Coinbase's stock was down by 8.28% year-to-date [4]. - Despite being one of the largest bitcoin exchange platforms in the U.S., the company is viewed as having less upside potential compared to certain AI stocks, which are considered to carry less downside risk [4].