US crackdown on Binance and Coinbase gives boost to crypto's unrealized potential.

The recent regulatory crackdown on centralized exchanges like Binance and Coinbase could create a tailwind for decentralized exchanges (DEX) such as dYdX or Uniswap. DEXs are intrinsically more transparent than CEXs, given that the former completes trades publicly on a blockchain. DEXs could make regulators’ job easier, as trading occurring on public blockchain DEXs means that the activity would be readily available for review. The investigations into Binance and Coinbase could push traders to decentralized alternatives, increasing DeFi market share as protocols are harder to stop.