Coinbase highlighted the importance of regulatory developments on the U.S. cryptocurrency market in its “Weekly Market Commentary” published on May 17.

“Macro factors remain the key driver of cryptocurrency performance, although we believe the main upcoming catalyst is likely to be regulatory driven,” Coinbase said.

Upcoming regulatory events include the U.S. SEC’s decision on the Ethereum spot ETF application, the White House’s possible action on the SEC’s SAB121 repeal bill, and the U.S. House of Representatives’ vote on the 21st Century Financial Innovation and Technology Act (FIT).

Coinbase noted that potential stablecoin legislation, such as the “Lummis-Gillibrand Payment Stablecoin Act,” could also accelerate this adoption cycle. #ETH