Crypto Biz: CLARITY Act setback puts Coinbase in the spotlight
Coinbase draws scrutiny after the CLARITY Act stalls, while the SEC moves ahead with tokenized stocks and crypto firms push deeper into payments.
Coinbase draws scrutiny after the CLARITY Act stalls, while the SEC moves ahead with tokenized stocks and crypto firms push deeper into payments.
The crypto industry spent much of the past two years preparing for regulatory clarity in Washington. This week, one of its biggest legislative priorities hit a major roadblock.
The CLARITY Act failed to advance in the Senate on Tuesday, falling short of the 60 votes needed to bring the bill to the floor for debate. The setback significantly narrows the bill’s path this year, with the Senate calendar tightening ahead of the Nov. 3 midterm elections.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Arbitrum receives 10% of net protocol revenue from companies building on it. Robinhood Chain, launched in July, has materially changed Arbitrum’s economics, with September revenue expected at $5 million, over five times the prior level. Kendrick projects ARB at $10 by 2030, a 70-fold increase from current prices around $0.14, which have gained 86% in the past month.