Coinbase faces greater fallout from CLARITY Act setback: Saxo
A strategist at the Danish bank said Coinbase has more at stake in the CLARITY setback because its trading business is directly exposed to US market-structure rules.
A strategist at the Danish bank said Coinbase has more at stake in the CLARITY setback because its trading business is directly exposed to US market-structure rules.
While Bitcoin and crypto-linked stocks fell sharply after the US Senate failed to advance the Digital Asset Market Clarity, or CLARITY, Act, Saxo Bank believes exchanges like Coinbase have more at stake than most because clearer rules could directly affect their trading businesses.
In a Wednesday note, Saxo strategist Ruben Dalfovo said Coinbase (COIN) is the most directly exposed to developments around CLARITY because market-structure rules could determine registration requirements, which assets can trade and who can participate in US crypto markets.
As Cointelegraph reported late Tuesday, shares of all three companies fell between 5% and 10% after the Senate procedural vote, despite differences in how the legislation could affect their businesses.