The ETF providing two times leveraged long exposure to Coinbase (COIN) rose over 6%. As of the latest update, it was up 6.28% to HKD 42.2, with a turnover of HKD 1.5562 million. The movement follows news that on May 14th, the U.S. Senate Banking Committee passed the Clarity Act with a vote of 15 to 9, advancing long-stalled legislation on digital asset market structure. This marks renewed progress for a cryptocurrency regulatory framework in Congress. The bill would grant the Commodity Futures Trading Commission (CFTC) primary regulatory authority over most digital assets, while the Securities and Exchange Commission (SEC) would continue overseeing digital securities. The next step is for the bill to be submitted to the full Senate for consideration and to be reconciled with a version from the Agriculture Committee. Notably, the Senate Banking Committee is set to discuss the Digital Asset Market Clarity Act, though disagreements persist regarding stablecoin yields and ethics provisions. Cryptocurrency exchanges like Coinbase are closely monitoring the bill's progress, as the legislation would directly impact the regulatory framework and market access conditions for digital assets. Proponents argue the bill could provide much-needed legal clarity for the industry, fostering innovation and investment. Opponents, however, worry that excessive regulation could stifle market dynamism and harm consumer interests.
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