New U.S. Securities and Exchange Commission rules could open the door for financial advisors to hold Bitcoin on behalf of their clients, and Coinbase is already at the center of that custody story. Custody — how client assets are held and safeguarded — is the mechanism that determines whether advisors can offer Bitcoin exposure inside regulated portfolios, which is why the rule change is being framed as an access question rather than a trading one.

In an interview with Bitcoin Magazine, Shan Aggarwal, Coinbase's first-ever Chief Business Officer, explained how the exchange custodies most of the Bitcoin ETFs and supports the advisor community. He described the advisor rule as expanding the pie for Bitcoin access, with Coinbase providing the infrastructure behind it, and said big banks are increasing their exposure to Bitcoin.

Coinbase's First Chief Business Officer

Aggarwal joined Coinbase in 2018 and previously led the company's corporate and business development before being appointed its first Chief Business Officer in January 2025. Coinbase, the largest cryptocurrency exchange in the United States, went public on the Nasdaq under the ticker COIN in April 2021. That corporate and business development background connects directly to the institutional partnerships discussed in the interview, including the Citi collaboration on stablecoin payments for merchants.

Custody at the Center of the ETF Era

U.S. spot Bitcoin ETFs, which the SEC approved and which began trading in January 2024, rely on qualified custodians to safeguard the underlying Bitcoin — a structure that places custody providers behind much of the access advisors and asset managers now work with. Coinbase Custody Trust Company serves as custodian for the majority of U.S. spot Bitcoin exchange-traded funds, including BlackRock's iShares Bitcoin Trust (IBIT), the largest fund in the category. In the interview, Aggarwal discussed what asset managers such as BlackRock and banks such as JPMorgan want from Bitcoin infrastructure, and what could drive the next wave of adoption.

How quickly advisors are able to put the new rules to work, and whether bank exposure to Bitcoin continues to build, are the threads to watch as that custody-centered landscape develops.

The conversation also covered whether the Coinbase One Card can turn everyday spenders into Bitcoin owners; Coinbase's trillion-dollar stablecoin opportunity; a partnership with Citi to bring stablecoin payments to merchants; how Coinbase customers are using the Bitcoin Lightning Network; whether AI agents will pay in Bitcoin or stablecoins; and Coinbase's expansion into collectibles and everyday Bitcoin rewards.

Full Episode Chapters

• 00:00 — How the SEC's New Advisor Rules Could Bring Bitcoin to Wealth Managers
• 01:13 — What BlackRock and JPMorgan Want From Bitcoin Infrastructure
• 02:16 — What Will Drive the Next Wave of Bitcoin Adoption
• 03:28 — Can the Coinbase One Card Turn Spenders Into Bitcoin Owners?
• 04:22 — Coinbase's Trillion-Dollar Stablecoin Opportunity
• 05:14 — Coinbase and Citi Bring Stablecoin Payments to Merchants
• 05:56 — Sponsor: SALT Lending
• 06:26 — How Coinbase Customers Are Using Bitcoin Lightning
• 07:37 — Will AI Agents Pay in Bitcoin or Stablecoins?
• 08:30 — Coinbase Expands Into Collectibles and Everyday Bitcoin Rewards

Disclaimer

The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article first appeared on Bitcoin Magazine and was written by Patrick Green.