>Coinbase is also able to operate their business without asking for permission
That’s not true in the slightest. Coinbase has all sorts of licenses (permissions to operate) without which they would be shut down for multiple violations of law from money transmitter business violations to Broker/dealer issues. Look at all the Coinbase customer dissatisfaction (accounts missing, funds never deposited, transaction didn’t go through) there would be plenty room for competitors except for the barrier to entry (permissions/licenses required). Not to mention Coinbase complies with KYC laws and as a result turns over said customer data to the IRS as part of its ongoing compliance to keep its permission (licenses in goodstanding) to operate.
That’s not true in the slightest. Coinbase has all sorts of licenses (permissions to operate) without which they would be shut down for multiple violations of law from money transmitter business violations to Broker/dealer issues. Look at all the Coinbase customer dissatisfaction (accounts missing, funds never deposited, transaction didn’t go through) there would be plenty room for competitors except for the barrier to entry (permissions/licenses required). Not to mention Coinbase complies with KYC laws and as a result turns over said customer data to the IRS as part of its ongoing compliance to keep its permission (licenses in goodstanding) to operate.