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.
The CLARITY Act failed in the Senate on Tuesday, failing to secure the 60 votes required to move forward. This setback significantly limits the bill's prospects this year, with the Senate calendar becoming increasingly tight ahead of the November midterm elections. Crypto exchanges like Coinbase may face greater impact from the stalled legislation than other firms in the industry.
The SEC continues to advance tokenized stocks and explore the role of crypto firms in payments. Coinbase's trading operations are directly affected by US market-structure rules, making it particularly vulnerable to changes should the CLARITY Act fail. Other companies such as Standard Chartered, Bitmine, and Phemex are pursuing various strategies in the evolving crypto landscape, with some betting on blockchain infrastructure providers like Arbitrum and others focusing on staking revenues.
The market reacted negatively to the bill's failure, with Coinbase shares dropping between 5% and 10% in the following days.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Crypto super PAC Fairshake plans to launch a $30M ad blitz against former Democratic Senator Sherrod Brown in the Ohio Senate race, after the Clarity Act failed (Theodore Schleifer/New York Times) nytimes.com
- Clarity Act fallout: crypto’s Fairshake PAC commits $30 million against Sherrod Brown theblock.co
