Coinbase Threatens to Withdraw Support for CLARITY Act Over Stablecoin Reward Restrictions
- Legislative Support Threat: Coinbase Global Inc. has indicated that it may withdraw its support for the CLARITY Act if it includes restrictions on stablecoin rewards, which could significantly impact its revenue from USDC reserves and threaten the company's financial stability.
- Market Stability Risks: Potential legislative changes restricting stablecoin rewards may diminish user incentives for holding USDC, thereby affecting liquidity and user engagement, which could lead to increased volatility in the crypto market.
- Traditional Bank Advantages: Restrictions on stablecoin rewards could favor traditional financial institutions in the competitive landscape, intensifying regulatory pressures on non-bank crypto platforms and impacting their market positions.
- Innovation Warning: Coinbase co-founder and CEO Brian Armstrong warns that broad bans on interest or yield for cryptocurrencies could harm innovation, advocating for clear regulations in crypto-related policies.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE) As of , (STABLE) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.00245 | 0.00654 | 0.0147 | 0.0237 | 0.0319 | 0.0409 | 0.0491 |
| Fibonacci | 0.00654 | 0.0131 | 0.0172 | 0.0237 | 0.0303 | 0.0343 | 0.0409 |
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