Crypto Biz: CLARITY Act setback puts Coinbase in the spotlight

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.Strategists say crypto exchanges such as Coinbase may have more at stake than most from the stalled legislation.Elsewhere, Standard Chartered is betting big on Arbitrum, Bitmine is turning its Ether treasury into a source of staking revenue, and Phemex’s CEO says AI has been a “net negative” for crypto.Coinbase faces greater CLARITY Act fallout, Saxo strategist saysSaxo Bank strategist Ruben Dalfovo said Coinbase has more at stake in the CLARITY Act setback because its trading business is directly exposed to US market-structure rules.In a Wednesday note following the bill’s failed procedural vote, Dalfovo said Coinbase is particularly exposed because new rules could determine registration requirements, tradable assets and who can participa...