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CLARITY Uncertainty Weighs More on COIN & CRCL Than on $BTC Policy uncertainty around the CLARITY Act appears to have a greater impact on COIN and CRCL than on $BTC. On July 21, progress on the legislation coincided with a modest ~3% move in $BTC, while COIN, CRCL, and DeFi-related stocks gained around 9%. Although broader factors—including Nasdaq strength, an Asian chip rally, and continued spot BTC ETF inflows—also influenced markets, the difference in sensitivity is notable. Coinbase helps explain why. In Q1, the company generated $305M in stablecoin revenue—about 23% of net revenue—while recording $113M in USDC rewards expense. Since Section 10404 directly addresses customer USDC rewards, regulatory outcomes have a much larger impact on stablecoin-linked businesses than on Bitcoin itself. Bottom line: Regulatory clarity could be a bigger catalyst for COIN, CRCL, and DeFi-related assets than for $BTC, whose investment thesis is less dependent on stablecoin-specific policy. #CLARITY #BTC #COIN #CRCL #DeFi