Coinbase Posts Third Straight Quarterly Loss Amid Crypto Market Downturn

Coinbase Global posted its third consecutive quarterly loss due to a prolonged downturn in cryptocurrency markets. The exchange's transaction revenue dropped 21% to $599 million during the April-to-June quarter, from $764 million a year earlier.

The weakness extended a retreat from record highs reached in October and has put pressure on Coinbase. Analyst Jacob Zuller said that regulatory clarity is not happening fast enough, and the exchange is behind on tokenized equities and perpetual futures.

Coinbase CEO Brian Armstrong expressed optimism about the Clarity Act, which aims to provide long-sought regulatory clarity for digital-asset trading platforms. The Senate Republicans released a revised version of the Act last week, and negotiations are ongoing before Congress departs for August recess.