Brian Armstrong, CEO of Coinbase Global Inc. (NASDAQ:COIN), expressed his optimism on Monday about the future of cryptocurrency regulations in the United States.
Armstrong Says Clarity Will Help Builders
In an X post, Armstrong said he felt “bullish” on the regulatory progress for cryptocurrency in the country.
“Clear rules are coming. This helps builders and innovators. We won't stop until it happens,” he added.
See Also: Coinbase To Rally Around 12%? Here Are 10 Top Analyst Forecasts For Friday
Big Expectations From Market Structure Legislation
Armstrong shared a clip from his recent interview with Fox Business, in which he talked about the progress of the GENIUS Act and CLARITY Act in Congress.
Armstrong discussed the CLARITY Act, also known as the market structure bill, stating that the legislation aims to resolve outstanding issues from the previous administration that were “weaponized” against the cryptocurrency industry.
“Because it wasn’t clear—were these a commodity? Were they a security? ” He said. “And so hopefully this legislation gets passed into law very soon.”
The CLARITY Act, which also proposes to split cryptocurrency oversight between the SEC and the CFTC, sailed through the House and will be debated in the Senate.
The GENIUS Act, which seeks to establish a regulatory framework for issuers of dollar-pegged stablecoins like Tether (CRYPTO: USDT), has already been signed into law.
However, concerns over President Donald Trump-backed ventures and a potential conflict of interest have heightened scrutiny of the bills, with senior Democrat Sen. Elizabeth Warren (D-Mass.) among the most vocal opponents.
What’s The Outlook For Coinbase Stock?
Armstrong’s optimism on the future of digital asset regulations comes amid a bullish outlook on the company’s stock.
A BTIG analyst initiated coverage on COIN with a “Buy” rating and announced a price target of $410. Rothschild & Co. raised the price target from $325 to $417, while upgrading the stock from “Neutral” to “Buy.” See how other analysts view this stock.
Price Action: Coinbase shares lost 0.39% in after-hours trading after closing 1.59% higher at $386.07 during Monday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has surged 55.49%.
As of this writing, COIN ranked high on Growth, an indicator of a stock’s combined historical expansion in earnings and revenue across multiple periods. Visit Benzinga Edge Stock Rankings to compare it to other cryptocurrency-linked stocks on Wall Street.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
