Coinbase faces greater fallout from CLARITY Act setback: Saxo
Bitcoin and crypto stocks fell after the US Senate failed to advance the CLARITY Act, which would have set clearer rules for US crypto markets. Saxo Bank said Coinbase is the most exposed because the bill could directly affect exchange registration requirements, which assets can list, and who can trade. Circle’s exposure is more tied to USDC adoption and reserve income, while Strategy is mainly driven by its Bitcoin holdings and financing structure. Shares of Coinbase, Circle, and Strategy dropped 5%–10% after the vote and fell further the next day. The bill’s path now looks narrow: the Senate rejected cloture 49–50, falling short of the 60 votes needed, with ethics concerns still unresolved and limited time left in the legislative calendar this year.
