Saxo Bank: Failed CLARITY Act Vote Raises Pressure on Coinbase
Saxo Bank's strategist, Ruben Dalfo, believes that Coinbase is most directly exposed to developments around the CLARITY Act in the US Senate. The act aims to clarify US cryptocurrency market regulations, which are crucial for an exchange business like Coinbase.
The bill was blocked in a procedural vote on September 15th, with a 49-50 vote against moving forward. This has led to increased uncertainty and pressure on Coinbase's share price.
According to Dalfo, Circle's business is more closely tied to the adoption of USDC and interest income from managing reserves, while Strategy's performance is driven by its bitcoin holdings and financing structure.
The Senate's failure to pass the bill has caused a significant reaction in the market, with Coinbase, Circle, and Strategy shares falling between 5-10% after the vote, and an additional 2-6% on September 16th.