Coinbase (COIN) bulls point to crypto legislation and stablecoins after earnings miss

Analysts say Coinbase’s long-term growth may depend more on stablecoins and U.S. crypto legislation than a rebound in trading activity.

Coinbase’s (COIN) weak first-quarter earnings report sparked another divide on Wall Street over whether the crypto platform is building a more durable business or remains tied to crypto’s boom-and-bust cycles.

Several analysts lowered forecasts after the company…