Over the last year, Coinbase (NASDAQ: COIN) is up more than 180%. Zooming out even further, since the beginning of 2023, it's up a whopping 530%. And if I had to bet, it's going higher.

But the reason behind this isn't what you might normally hear. While the crypto market keeps growing and deep-pocketed institutional investors have dipped their toes into crypto, which will undoubtedly benefit Coinbase, there's another reason the company has yet to reach its full potential and why I am buying this gem of a company hand over fist: an increasingly favorable regulatory environment.

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Source Fool.com