Key takeaways
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Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business.
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Circle Internet Group already has more regulatory clarity around its core product, while USDC adoption and interest rates matter heavily for its economics.
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Strategy Inc is mainly a Bitcoin exposure, making Bitcoin and its capital structure more important than exchange regulation.
On 15 September, the United States Senate failed to advance the Digital Asset Market Clarity, or CLARITY, Act. The bill would divide oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission and create federal rules for digital-asset intermediaries. It did not secure the 60 votes needed to…
