Clarity Act Stagnation Boosts Traditional Exchange Stocks Amid Crypto Uncertainty

The Clarity Act's stagnation in Washington has led to a reevaluation of traditional finance among traders, who are seeking more stable assets amidst regulatory uncertainty. This shift in focus has drawn attention to large exchange and broker stocks that are less exposed to the crypto market.

Bitgo Holdings (BTGO) is one such company, which provides digital asset infrastructure for institutions. Despite its unique position, it carries a market value of around $926.3 million and generates approximately $20.1 billion from security software and services. However, regulatory frameworks like the GENIUS Act and OCC charter may slow down Bitgo's ramp in subscriptions, services, and custody-related revenue.

Coinbase Global (COIN), on the other hand, sits at the intersection of pure crypto trading and traditional exchange-style infrastructure. Its ability to benefit from tokenization and expand its addressable market is a key factor in its potential growth.

Bullish (BLSH) is another company that runs Bullish Exchange for spot and derivatives trading, as well as CoinDesk indices, data, and media. With a market value near $5.7 billion, it provides listed exposure to market plumbing built entirely around digital assets and tokenized markets.