Coinbase (coin) is well positioned to benefit from US Crypto Regulatory Clarity: Benchmark
Coinbase (coin), the leading platform of digital assets in the US, is properly positioned to benefit from crypto enactment Bill of market structure Introduced to the House of Representative earlier this month, the Broker Benchmark said in a research report Monday.
The Benchmark raised Coinbase’s target price to $ 421 from $ 310 and reiterated its purchase rating in stock.
Coinbase shares fell 1.6% in early trading because the Middle East conflict weighted financial markets.
Crypto exchange stock jumped 23% last week following the BIPARTISAN PASSAGE of the Stablecoin Genius Act in the Senate, and the announcement that the company has gained a MICA license From Luxembourg, which allows it to offer crypto services throughout 30 countries in the European economic area.
“The Clarity Act aims to establish a comprehensive regulatory framework for digital properties in the US that may provide the necessary assurance around the US Crypto government treatment,” analyst Mark Palmer wrote. This is seen as a basic requirement for additional institutional asset class adoption.
Staking can see a significant help from the enactment of The Clarity Act, and it is positive for Coinbase, the report said.
Read more: Coinbase Debuts Stablecoin Payment Stack Following Collaboration with Shopify
