[Coinbase CEO: Looking Forward to a Future Where Companies Can Fully Complete the Listing Process On-Chain] Coinbase CEO Brian Armstrong posted on the X platform: 'We need to lower the barriers for private companies to raise capital. The current market shows strong demand for investing in leading private companies, which precisely exposes the unintended consequences of overregulation: the existing system indirectly incentivizes companies to remain private for extended periods. When companies stay private for too long, the early value appreciation is entirely captured by private equity funds and credit investors. By the time they finally go public, stock performance is often underwhelming—this stems from the lack of a liquid market to provide fair valuation during the early stages of growth. Ultimately, companies will be able to fully complete the listing process on-chain, which will significantly reduce costs, minimize friction, and enhance participation. I hope this day comes soon.'