Crypto’s dirtiest secret is getting a rewrite and Coinbase is holding the pen. After five years of silence, U.S. token sales are back.
Coinbase just restarted the primary market with a structure built to favor real users, not insiders.
The pitch is simple: no more private rounds. No more dump-and-disappear launches. Just one token sale per month, accessible to everyone, on a platform that guarantees liquidity, compliance, and aligned incentives [ANNOUNCEMENT].
Coinbase is launching an end-to-end token sales platform for global retail users (including the United States). The first sale will run from November 17 to 22. With that, Coinbase is redesigning how tokens are distributed, priced, and launched.
The thesis: Projects struggle to reach actual users through launches. Retail buyers get boxed out or dumped on. Early insiders dominate supply. Market depth is thin. And demand is distorted by a handful of buyers who move early and sell fast. This is Coinbase’s attempt to re-onshore the token sale model, previously dominated by unregulated offshore exchanges and opaque venture capital structures known as Simple Agreements for Future Tokens (SAFTs).
Coinbase’s bet: A healthier token economy requires (1) broad distribution, (2) transparent rules, and (3) incentives that reward long-term participants instead of short-term flippers.
