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.
Saxo Bank strategist Ruben Dalfovo believes Coinbase faces greater consequences from the failed CLARITY Act due to its direct exposure to US market-structure rules. The Digital Asset Market Clarity, or CLARITY, Act, aimed to provide clearer rules for crypto trading, registration requirements, and market participation. Coinbase's trading business would be directly impacted if these rules were implemented, according to Dalfovo.
In contrast, Circle's stablecoin business and Bitcoin treasury company's performance are less affected by market rules. While all three companies, including Coinbase, Circle, and Strategy, saw a drop in their shares post-failure of the CLARITY Act, the extent of the impact varied based on the industry-specific factors.
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