Coinbase says attentive to regulatory concerns after profit beat

US cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes.

Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation.

Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.