The use of cryptocurrency by Hamas militants to fund recent attacks on Israel may have set back Coinbase’s crypto lobbying efforts in the United States, says a new investment report from Berenberg Capital Markets.
In an Oct. 18 research note, Berenberg lead analyst Mark Palmer said the primary driver of his “cautious stance” toward Coinbase (NASDAQ:COIN) comes from the various regulatory actions being levied against it in the U.S., along with political headwinds emanating from the Israel–Hamas conflict.