On November 10th, Coinbase launched its compliant token sale platform. Bitwise CFO Matt Hougan asserted that this is not only a rebirth of ICOs, but also the fourth pillar of cryptocurrency’s disruption of traditional finance.
![图片[1]-Bitwise CFO: Compliant ICOs will be the core narrative of 2026, and the “fourth pillar” for cryptocurrencies to disrupt traditional finance.-OzABC](https://www.ozabc.com/wp-content/uploads/ef09dcab13bdd1a474852d9495f40420-1-750x375-1.png)
beautifulMatt Hougan, Chief Investment Officer of Bitwise, a leading digital asset management company, released a new client report on November 11, declaring that “the era of compliant ICOs has arrived.” He pointed out that Coinbase, a US-listed cryptocurrency exchange, launched its new “Token Sales on Coinbase” platform on November 10. Through strict self-regulatory mechanisms (including rigorous project review, minimum 6-month lock-up period for teams, algorithmic fair allocation, and penalties for short-term sell-offs), Coinbase has thoroughly rectified the chaos of ICOs (Initial Coin Offerings) in 2017-2018, marking a strong return to a new mode of cryptocurrency capital formation.
Compliant ICOs bring about a revolution in “capital formation”.
Hougan boldly predicts that 2026 will see “half a dozen or more billion-dollar compliant ICOs” emerge through platforms like Coinbase, directly challenging the traditional IPO market. He emphasizes that in 2024, the US only had 176 IPOs, raising a total of only $33 billion, while compliant ICOs will reshape the global startup financing landscape with their advantages of lower costs, faster speed, and fairer allocation.
In his report, Hougan delves into the essence of “capital formation”: this is a crucial process for entrepreneurs to raise funds, start businesses, develop products, and create jobs, yet it has long been hampered by high costs and cumbersome regulations, leaving retail investors with only scraps. He recalls the ICO boom of 2017-2018, frankly calling it a “complete disaster”: the lack of regulation led to over 90% of projects becoming scams, and the SEC’s final crackdown plunged the entire market into a bear market.
However, Hougan emphasized: “Even if ICOs are bad, they prove one undeniable fact: cryptocurrencies allow entrepreneurs to raise funds directly from retail investors around the world at lightning speed.” Compared to the high underwriting fees, lengthy approval process, and Wall Street-biased rewards of traditional IPOs, ICOs inherently have the advantages of lower costs, faster speed, and more equitable distribution.
Cryptocurrencies are disrupting the fourth pillar of traditional finance.
Hougan further positions this potential wave of compliant ICOs as the fourth pillar of cryptocurrency’s disruption of traditional finance. He points out that the first three pillars are:
- Bitcoin → Reshaping Gold
- Stablecoins → Reshaping the Dollar
- Tokenization → Reshaping Trading and Settlement
He wrote, “These four pillars represent trillion-dollar opportunities, and if billions of dollars do indeed flood the market through rapid ICOs in 2026, the entire crypto story will become even more invincible and powerful.”
This report immediately sparked heated discussions in the crypto community and was seen as a declaration of the “official start of the ICO 2.0 era.” With traditional IPOs increasingly declining, can compliant ICOs truly become a new frontier for startup financing? The answer will be revealed in 2026.
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