ChainCatcher news, Coinbase emphasized the important impact of regulatory developments on the U.S. cryptocurrency market in its “Weekly Market Review” released on May 17. Coinbase said that “the macroeconomy remains a key driver of cryptocurrency performance, although we believe that the main upcoming catalyst may be regulatory-driven.”
Upcoming regulatory events include the U.S. Securities and Exchange Commission’s (SEC) decision on spot Ethereum exchange-traded funds (ETFs), possible White House action on the SEC’s SAB 121 repeal bill, and the U.S. House of Representatives’ vote on the 21st Century Financial Innovation and Technology Act (FIT). Potential stablecoin legislation, such as the Lummis-Gillibrand Payment Stablecoin Act, could also accelerate this adoption cycle.