ETF Movement | South China Double Long Coinbase (07711) Surges Over 9% as Coinbase CEO to Participate in CLARITY Act Vote This Week

Stock News05-12

The South China Double Long Coinbase (07711) ETF rose more than 9%, reaching a gain of 9.64% to HK$43 at the time of writing, with a trading volume of HK$2.0707 million. According to market media reports, Coinbase CEO Brian Armstrong is scheduled to have lunch with Senate Republicans on Wednesday to discuss the upcoming vote on the CLARITY Act, which is set for Thursday. If signed into law, the CLARITY Act would clarify the jurisdiction of U.S. financial regulators over the rapidly growing industry and likely accelerate the widespread adoption of digital assets. As of May 11, U.S. cryptocurrency-related stocks showed collective strength, with Circle (CRCL.US) closing up nearly 16% and Coinbase (COIN.US) ending more than 7% higher. The cryptocurrency industry has been actively promoting this crucial legislation, emphasizing its importance for the future of digital assets in the U.S. and the need to address long-standing core issues affecting cryptocurrency companies. Among other provisions, the legislation would define when crypto tokens qualify as securities, commodities, or other categories, providing much-needed legal clarity for the sector. Additionally, compromise provisions regarding idle holding rewards for stablecoins have become a major point of contention between the banking and cryptocurrency industries.

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