This week, Bitcoin manages to fend off another pullback. Trump family crypto venture World Liberty Financial says it was targeted by a coordinated attack and Coinbase chief policy officer Farar Shirzad lays out the current status of the stalled crypto market structure legislation. Welcome to CNBC's Crypto World.I'm Ryan Baker. Crypto markets in the green on pace to end a week's long streak of losses. As of noon Eastern, Bitcoin rose nearly 3% from last week.Ether jumped more than 5% and Solana climbed nearl ...

The sharp correction in Bitcoin (BTCUSD) has impacted trading volumes in the cryptocurrency space. This negative is reflected in Coinbase (COIN) stock declining by 45% in the last 52 weeks. However, it seems that the correction is overdone, and COIN stock is poised for a comeback. One of the key catalysts for positive price-action is CLARITY crypto market structure legislation. Coinbase CEO Brian Armstrong is optimistic that the act is likely to be passed in the “next few months.” More News from Barchar ...

Senator Cynthia Lummis U.S. Senator Cynthia Lummis called on banks to embrace stablecoins and digital assets, as it opens up more opportunities for existing financial institutions. "One of the things I don't understand about the banks' resistance is, this gives them an entirely new financial product that they can offer to their customers," Lummis said in a Thursday interview with Fox Business, mentioning digital asset custody and stablecoins as a payment mechanism. "It provides new opportunities for co ...

Group 1 - The White House meeting aimed to resolve a stalemate between major U.S. banks and cryptocurrency firms regarding digital-asset legislation but ended without an agreement, highlighting ongoing industry divisions [1][2] - Representatives from both the banking and crypto industries attended the meeting, including notable trade groups such as the American Bankers Association and the Blockchain Association [3] - The primary contention revolves around how the proposed legislation treats interest and rewards on stablecoins, with banks advocating for prohibitions on such practices [4][5] Group 2 - Crypto companies argue that offering rewards like interest is essential for attracting new customers, while banks fear this could lead to a loss of deposits, jeopardizing financial stability [5][6] - The meeting was intended to facilitate compromise after the Senate Banking Committee postponed a markup due to rising objections from both sectors [6] - The Clarity Act aims to establish federal regulations for digital assets, addressing the crypto industry's concerns about existing inadequate rules [7][8]

Group 1 - COIN, the stock of Coinbase, experienced a 6.4% decline on January 15, primarily due to the company's withdrawal of support from the crypto market structure bill [1][4] - The stock price fell below $240, forming a "death cross" pattern, indicating a bearish trend as the 50-day simple moving average crossed below the 200-day simple moving average [2] - Historical data suggests that similar setups in the past have coincided with major price bottoms, leading to subsequent rallies of over 100% [3] Group 2 - Coinbase's CEO Brian Armstrong cited significant issues with the bill, including a ban on tokenized equities and limitations on DeFi, as reasons for the withdrawal, emphasizing that a bad bill is worse than no bill at all [4][6] - Armstrong believes that the concerns raised by Coinbase are shared by the broader crypto industry, and he does not think the withdrawal will permanently damage the bill's prospects [5][6] - Citron Research criticized Coinbase's decision, suggesting that the company is more concerned about rising competition than the bill's framework, and they support the tokenization platform Securitize, which has issued over $4 billion in tokenized assets [7]

Group 1 - The SEC is focused on making the IPO process and public company operations more efficient and effective for both investors and companies, with a strong vision for reforms [2][4] - The SEC plans to allow innovation exemptions for crypto activities, which could enhance the public market participation of innovative companies [3][5] - There is a bipartisan effort in Congress to finalize crypto market structure legislation, with significant progress made earlier this year on stable coin legislation known as the Genius Act [6][7][20] Group 2 - The upcoming markup session on the bipartisan crypto market structure bill aims to resolve outstanding issues and establish clear definitions for digital asset securities [10][11] - The draft legislation from the Senate Agriculture Committee suggests increased regulatory authority for the CFTC over crypto, but lacks clear guidelines on DeFi protections [12][14] - Lawmakers are urged to act on crypto legislation to meet the expectations of the 52 million Americans who own digital assets, emphasizing the importance of timely action before the end of the year [15][16] Group 3 - Coinbase's transparency report highlights a significant increase in law enforcement requests, with over 13,000 requests received, more than half from international jurisdictions [26][28] - Coinbase emphasizes its commitment to protecting customer interests while cooperating with law enforcement to combat crypto-related crime [29][30] - The company is planning to launch a new product, potentially related to prediction markets, and is actively engaging with lawmakers on this topic [32][34] Group 4 - The company anticipates celebrating the passage of new market structure legislation in the upcoming year, while also preparing to address additional regulatory issues such as tax policy and anti-money laundering rules [35][36]

Core Insights - Coinbase CEO Brian Armstrong is engaging with U.S. lawmakers to advance crypto market structure legislation, indicating a significant push for regulatory clarity in the digital asset space [1][2] - Bipartisan support for clearer regulations has reached unprecedented levels, with discussions continuing even amid government shutdowns [2] - The Federal Reserve recently hosted a Payments Innovation Conference, highlighting the growing intersection of traditional finance and digital assets [3][4] Legislative Developments - The Retirement Investment Choice Act, introduced by Rep. Troy Downing, aims to expand access to alternative assets, including cryptocurrencies, for 401(k) investors [5] - Senate Banking Committee members are working on a digital asset bill to clarify the oversight roles of the SEC and CFTC in the crypto market [6]