PANews reported on January 26 that Coinbase CEO Brian Armstrong posted on the X platform, stating: "We need to lower the financing threshold for private companies. The current strong demand for investment in leading private companies exposes an unintended consequence of over-regulation: the existing system inadvertently incentivizes companies to remain private for extended periods. When companies remain private for a long time, early-stage growth benefits are entirely monopolized by private equity funds and credit investors. When they finally go public, their stock performance is often disappointing—the root cause being the lack of liquidity in the early stages of growth to provide a reasonable valuation. Ultimately, companies will be able to complete the listing process entirely on-chain, which will greatly reduce costs, friction, and increase participation. Hopefully, that day will come soon."