Coinbase Seen as Most Exposed to CLARITY Act Setback

Saxo Bank says Coinbase could feel the biggest impact from the US Senate’s failure to advance the CLARITY Act because the company’s trading business is closely tied to crypto market rules in the United States. In a note published Wednesday, strategist Ruben Dalfovo said clearer rules could affect which assets are allowed to trade, who can take part in US crypto markets, and what registration requirements exchanges must follow. The report said other crypto companies have different exposures. Circle is more dependent on USDC adoption and reserve income, while Strategy is mainly influenced by its bitcoin holdings and financing structure. Shares of Coinbase, Circle and Strategy fell after the Senate vote and continued lower on Wednesday as investors reacted to the bill’s uncertain path.