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  "raw_markdown_url": "https://finwiki.zksc.io/business/brian-armstrong-coinbase-public-company-template.md",
  "domain": "business",
  "title": "Brian Armstrong / Coinbase public-company operating case",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Brian Armstrong / Coinbase public-company operating case — 2021 direct listing and regulatory perimeter",
    "aliases": [
      "brian-armstrong-coinbase-public-company-template",
      "Brian Armstrong Coinbase template",
      "Coinbase direct listing 2021",
      "Coinbase public company case"
    ],
    "domain": "business",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "high",
    "tags": [
      "business",
      "case-study",
      "brian-armstrong",
      "coinbase",
      "direct-listing",
      "regulation",
      "public-company"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.sec.gov/Archives/edgar/data/1679788/000162828021006850/coinbaseglobalinc424b.htm",
      "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000047/coinbase2025ars.pdf",
      "https://www.sec.gov/newsroom/press-releases/2025-47",
      "https://help.coinbase.com/en/coinbase/other-topics/other/mica-cblu",
      "https://www.coinbase.com/blog/coinbase-strengthens-commitment-to-innovation-and-oversight-with-national-trust-charter-application"
    ]
  },
  "summary": "This page records a bounded public-company case: Coinbase Global's 2021 direct listing, the SEC civil action and dismissal, and the regulated-entity perimeter disclosed by Coinbase through 2025. It does not score political influence, infer the merits of dismissed claims, or treat a pending charter a",
  "headings": [
    "Brian Armstrong / Coinbase public-company operating case",
    "Scope",
    "Verified timeline",
    "Direct-listing mechanics",
    "Enforcement record and reading discipline",
    "Operating and regulatory perimeter",
    "Revenue model visible through filings",
    "What the case supports",
    "What the case does not establish",
    "Reusable review checklist"
  ],
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      "business/cz-binance-founder-handoff-case",
      "business/founder-pivot-outcome-template-matrix",
      "business/larry-fink-blackrock-digital-asset-template",
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      "https://finwiki.zksc.io/ja/business/founder-pivot-outcome-template-matrix/",
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    ],
    "external_links_count": 6,
    "external_links": [
      "https://help.coinbase.com/en/coinbase/other-topics/other/mica-cblu",
      "https://www.coinbase.com/blog/coinbase-strengthens-commitment-to-innovation-and-oversight-with-national-trust-charter-application",
      "https://www.sec.gov/Archives/edgar/data/1679788/000162828021006850/coinbaseglobalinc424b.htm",
      "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000047/coinbase2025ars.pdf",
      "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788",
      "https://www.sec.gov/newsroom/press-releases/2025-47"
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