Coinbase Faces Greater Fallout from CLARITY Act Setback, Saxo Warns
Coinbase is facing significant fallout from the setback of the CLARITY Act, according to Saxo Bank. The bank's strategist, Ruben Dalfovo, believes that exchanges like Coinbase have more at stake than others due to clearer rules that could directly affect their trading businesses.
Dalfovo stated that Coinbase is most exposed to market-structure rules because they determine registration requirements, which assets can trade, and who can participate in US crypto markets. This means that Coinbase's business is closely tied to the clarity of these rules.
The CLARITY Act failed a key procedural vote on Tuesday, with senators voting 49-50 against invoking cloture. The setback significantly narrows the bill's path forward this year, as the Senate has a limited legislative calendar around the Nov. 3 midterm elections and is targeting Dec. 18 for adjournment.