Coinbase (COIN), the leading digital assets platform in the U.S., is well positioned to benefit from the enactment of the crypto market structure bill introduced in the House of Representatives earlier this month, broker Benchmark said in a research report Monday.
Benchmark raised its Coinbase price target to $421 from $310 and reiterated its buy rating on the stock.
Coinbase shares fell 1.6% in early trading as conflict in the Middle East weighed on financial markets.
The crypto exchange’s stock jumped 23% last week following the bipartisan passage of the stablecoin GENIUS Act in the Senate, and the announcement that the company had secured a MiCA license from Luxembourg, allowing it to offer crypto services across the 30 nations in the European Economic Area.
“The CLARITY Act seeks to establish a comprehensive regulatory framework for digital assets in the U.S. that could provide much-needed certainty around the U.S. government’s treatment of crypto, ” wrote analyst Mark Palmer. This is seen as a key prerequisite for further institutional adoption of the asset class.
Staking could see a significant boost from the enactment of the CLARITY Act, and this is a positive for Coinbase, the report said.
Read more: Coinbase Debuts Stablecoin Payment Stack Following Shopify Partnership