Saxo Bank strategist Ruben Dalfovo stated that Coinbase faces significant risks following the failure of the Digital Asset Market Clarity (CLARITY) Act to pass a procedural vote in the US Senate. The bill, which aimed to establish market-structure rules, fell short of the required 60 votes, with a final count of 49-50.
Dalfovo noted that Coinbase is uniquely exposed because potential regulations could dictate registration requirements, asset eligibility, and market participation. In contrast, companies like Circle and MicroStrategy have different risk profiles, as their performance depends on stablecoin adoption and Bitcoin treasury holdings respectively.
Following the Senate vote, shares of Coinbase, Circle, and MicroStrategy experienced a decline. Initially, all three companies saw their stock prices drop between 5% and 10%. The downward trend persisted into Wednesday, with further losses ranging from 2% to 6% according to data from Yahoo Finance.
The legislative future of the CLARITY Act remains uncertain as the current Congress approaches its end. Lawmakers face a tight schedule before the November 3 midterm elections and a planned adjournment on December 18, leaving limited time to revive the proposal.
