Bullish CEO Sees Growth Catalyst In Crypto Market Structure Bill: 'Not Having To Go To Each Of The 50 States' To Gain Approvals Will Be A 'Boon'

Group 1: Core Insights - The CEO of Bullish, Thomas Farley, expressed that the passage of the cryptocurrency market structure bill will be beneficial for both the company and the broader industry [1][2] - Farley highlighted that the bill's preemption would eliminate the need for individual state approvals, which he believes will significantly aid infrastructure providers like Bullish [2][3] - The legislation is expected to provide "legal certainty" similar to the GENIUS Act, potentially attracting institutions and asset issuers to the crypto market [3] Group 2: Legislative Developments - A bipartisan draft of the cryptocurrency market structure bill was released by the Senate Agriculture Committee, aiming for clearer oversight roles for the CFTC and SEC [4] - Lawmakers anticipate that the bill will progress through committees by late 2025, with a full Senate vote expected in early 2026 [4] Group 3: Financial Performance - Bullish reported third-quarter revenue of $76.5 million, exceeding analyst estimates of $71.2 million, with earnings of 10 cents per share aligning with expectations [5] - Ark Invest, a significant investor in Bullish, purchased approximately $16.9 million worth of the company's shares through various ETFs [6] - Following the earnings report, Bullish shares experienced a 1.26% increase in after-hours trading, although they closed 3.63% lower during the regular session [6]