Coinbase CEO: Expects companies to be able to complete the entire listing process on-chain in the future.

Coinbase CEO Brian Armstrong stated on the X platform: "We need to lower the financing threshold for private companies. The current strong demand for investment in leading private companies exposes the unintended consequences of over-regulation: the existing system inadvertently incentivizes companies to remain private for extended periods. When companies remain private for a long time, the early-stage growth benefits are entirely monopolized by private equity funds and credit investors. By the time they finally go public, their stock performance is often disappointing—the root cause being the lack of a liquid market to provide a reasonable valuation in the early stages of the company's growth. Ultimately, companies will be able to complete the listing process entirely on-chain, which will greatly reduce costs, friction, and increase participation. I hope that day comes soon."