US defense bill may be ‘problematic’ for USDC and stablecoins: Analysts

Circle’s USD Coin (

The analysts noted that these two drivers of bullish activity for Coinbase stand on shaky ground, as recent comments from SEC Chair Gary Gensler have “poured cold water on the primary sources of the rally.”

In a July 28 interview with Bloomberg, Gensler said crypto investors shouldn’t assume that cryptocurrencies do not fall under the purview of the SEC. Additionally the analysts believe that Gensler’s tepid response to a question concerning Bitcoin ETF applications implied that he may oppose their approvals.

Overall, Berenberg maintained its “hold” rating for Coinbase stock, noting that while there is still “significant uncertainty” for Coinbase in the future, its large balance of cash and equivalents provides “cushion and flexibility” in ensuring the financial longevity of the company.

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