CLARITY Act Stalls, Putting Coinbase in the Spotlight

The stall matters less for what it blocks than for who absorbs the uncertainty: Coinbase, singled out as the most exposed, now carries regulatory risk that peers with lighter US footprints do not. The more telling signal is the divergence — the SEC advancing tokenized stocks while the legislative track sits idle, leaving crypto firms to build payments and tokenization strategies around rules that may or may not arrive. Whether that agency-level momentum eventually forces Congress's hand, or entrenches a patchwork that favors firms able to navigate it, is the open question.