Crypto taxes may finally be getting the congressional spotlight they’ve been waiting for. The House Ways and Means Committee is reportedly circulating seven draft bills that could significantly reshape how digital assets are taxed in the United States, with stablecoins, staking, mining, and crypto lending sitting squarely in the crosshairs. The timing isn’t accidental. The …
When the U.S. men’s national soccer team plays at home, its most loyal fans traditionally sit right behind a goal to cheer on the team or intimidate the opposition.
But when the Americans kick off a once-in-a-generation World Cup in Southern California next week, many of those die-hard supporters may be harder to hear because FIFA seated them in the “nose bleeds,” according to a major U.S. fan group.
“These are the worst tickets that I’ve ever seen out of the five World Cups I’ve been to,” American Outlaws President Brian Hexsel said in a phone interview.
FIFA’s World Cup ticketing rollout has faced withering criticism for months, particularly for its sky-high prices. There have also been allegations that some ticket buyers got worse seats than expected, sparking investigations in New York and New Jersey.
In the blowback, soccer’s global governing body announced a small allotment of $60 tickets for each of the tournament’s 104 matches.
FIFA didn’t immediately comment for this article.
Cristian Roldan, center, and the U.S. team applaud fans after their loss to Belgium at Mercedes-Benz Stadium on March 28.Kevin C. Cox / Getty Images
Participating member associations, including U.S. Soccer, would manage “the selection and distribution process,” said FIFA, which emphasized it was asking the associations to “ensure that these tickets are specifically allocated to loyal fans who are closely connected to their national teams.”
The American Outlaws are such fans. The organization says it has more than 200 chapters worldwide sharing one goal: cheering on U.S. Soccer’s teams. The group travels to matches with hand-painted banners, a giant American flag, drums and organized chants — all of it typically on display right behind the net.
But this summer, American Outlaws members with $60 tickets will be in upper decks at each of the team’s three group stage matches, Hexsel said. That seating arrangement means some of the most fervent fans will be physically farther from the pitch, potentially making it harder for players to hear their shouts.
Hexsel said U.S. Soccer told him Monday that the $60 seats will be in sections 302 through 310 for the team’s first match against Paraguay at Los Angeles County’s SoFi Stadium, sections 310 through 315 in Seattle’s Lumen Field for the second match against Australia and section 426 for the third match back at SoFi against Turkey — putting fans even higher than they’d be seated for the first match.
U.S. Soccer told NBC News the $60 tickets are in sections 306 through 310 for the Paraguay match, sections 302 through 304 for the Australia match and sections 426 through 431 against Turkey. It didn’t provide further comment.
When the tickets started landing in people’s accounts Monday night, “my phone just blew up,” Hexsel said. “Everybody was pissed.”
It’s not clear whether fan groups for the World Cup’s other competing countries have been affected in the same way.
Juan Felipe Garay, coordinator of Colombia’s biggest supporters’ group, Fiebre Amarilla, told NBC News the group doesn’t yet know where its $60 seats will be for Colombia’s matches.
But Hexsel said that without question, for the American die-hards, a World Cup in their own backyard now “does not feel like we are playing in the U.S.”
South Florida superfan Burak, who asked that his last name not be published for privacy, told NBC News on Monday night that a ticket in the “400s” showed up in his account for the third U.S. match.
Burak said he laughed with his wife about the situation and hadn’t expected better seats. He prefers being high up at a match when he’s trying to “read the play.” But, he said, watching is secondary to making an impact when you’re in the supporters’ section.
“If you’re up at nosebleed 400s, your reaction doesn’t even matter. No one’s going to hear, see or notice,” he wrote in a text message.
Another U.S. fan, Gabriel Miguel, said, “I thought it could be worse.”
Miguel scored $60 tickets to the opening U.S. match against Paraguay. He’ll be in section 308 and said he’s “mostly grateful” just to be in the building.
“I would love to have been down in the lower action, but I mean, 300s is perfectly fine, especially for that price.”
American supporter Logan Pedersen said, “We could have been higher up … not by far.”
Pedersen said in a phone interview that he got “the golden ticket,” getting to see the opening U.S. match at such a relatively low cost. He’s “just glad to be in the stadium,” but he also said FIFA’s ticketing “process has been a nightmare.”
“It’s still super disappointing from FIFA that they’re not at least designating a section for, you know, 500 fans from each team directly behind the goal. I think it’s a huge loss for the atmosphere that’s gonna go on in the stadium,” he said.
Hexsel said of the seating arrangements, “It just means we gotta bring more drums and more noise to show the team that … we still showed up.”
“FIFA could have just said: ‘Hey … it’s 300, it’s 200. Yeah, it’s a little bit more than what you paid in Qatar, but you guys have a block of seats where you’ve always had a block of seats,’ and people would have paid it.”
Burak said by text message: “I’m just glad I can at least go to some games with the supporter price. I accept my small guy status. If we had a strong community, I’d be all about boycotting the WC all together. But that’s not how people are, that will never happen. And Fifa is feeding off of that. They know someone will show up.”
Said Miguel: “I’m happy to be going, at least, and it’s more like memories than anything. Could it be better? Of course. But … they dropped the ball from the beginning with this. It’s … nothing surprising at this point.”
Shares of Coinbase Global COIN moved lower on Friday after Baird reiterated its Neutral rating on the cryptocurrency exchange operator but lowered its price target, warning that weak trading activity could continue to weigh on the business.
Coinbase stock fell nearly 7% in trading to around $152.
The shares have struggled throughout 2026, declining roughly 34% since the start of the year as cryptocurrency prices have remained near their 52-week lows.
Baird also named Coinbase a “Bearish Fresh Pick,” citing concerns that soft trading volumes may persist for an extended period and could lead to disappointing second-quarter results.
Weak trading activity clouds revenue outlook
Although Coinbase has expanded beyond its core trading business over the past several years, transaction revenue remains a major driver of financial performance.
Baird analyst David Koning expects the company’s second-quarter revenue to come in approximately 5% to 6% below Wall Street expectations, with trading volumes projected to decline between 15% and 20% sequentially.
The analyst noted that activity across the crypto market has remained subdued despite some improvement in early June.
“April and May were two of the slowest months in the past few years,” Koning wrote, noting that Robinhood’s chief brokerage officer recently highlighted strength in equities, options, futures, and predictions but made no mention of crypto.
Baird also questioned whether the modest rebound in June trading volumes reflects sustainable demand.
“While the first few days of June showed decent volume (closer to average levels of recent years), we think it’s due to significant trading out of Bitcoin, which may be followed by limited interest in trading,” wrote analyst David J. Koning.
The brokerage argued that the broader crypto market continues to face several headwinds, including the strong performance of the S&P 500, elevated inflation, high borrowing costs, and competition from other high-growth investment themes such as artificial intelligence stocks and new initial public offerings.
Regulatory uncertainty remains a concern
Baird also pointed to uncertainty surrounding the proposed CLARITY Act, a market-structure bill that many cryptocurrency supporters view as an important step toward broader industry adoption.
According to the firm, legislative disagreements over ethics and crypto issuance issues make it increasingly unlikely that the bill will pass before the November midterm elections.
The delay, Baird said, could allow banks and financial technology companies operating under existing regulatory frameworks to strengthen their competitive positions.
Prediction market platform Polymarket currently assigns a 57% probability that the legislation will become law this year, down from 65% a month earlier.
Valuation debate intensifies
Alongside concerns about slowing growth, Baird also argued that Coinbase’s valuation could come under additional pressure if earnings expectations continue to fall.
The brokerage lowered its price target to $142 from $160 and noted that the stock currently trades at roughly 35 times estimated 2027 earnings per share.
“The combo of falling estimates and weak multiples across beat/raise fintechs could eventually bleed into COIN’s valuation,” the firm wrote.
In its bear-case scenario, Baird believes the stock could decline to between $75 and $90 if 2027 earnings per share fall to $3 and the valuation multiple contracts to 25 to 30 times earnings.
Despite the cautious outlook, Baird remains more bearish than much of Wall Street.
According to FactSet data, approximately 64% of the 39 analysts covering Coinbase currently rate the stock a Buy, with the average price target standing at about $231.
