Coinbase Price Target Raised to $421 Following Crypto Regulatory Developments
Coinbase (COIN) is positioned to benefit from the recent crypto market structure bill introduced in the U.S. House of Representatives, according to a report by broker Benchmark.
- Benchmark raised its price target for Coinbase to $421 from $310 and maintained a buy rating.
- Coinbase shares fell 1.6% amid Middle East conflicts affecting financial markets.
- The stock rose 23% last week after the Senate passed the bipartisan GENIUS Act for stablecoins.
- Coinbase secured a MiCA license from Luxembourg, enabling services across the European Economic Area.
- The CLARITY Act aims to create a regulatory framework for digital assets in the U.S., promoting institutional adoption.
- Staking may see significant growth due to the enactment of the CLARITY Act, benefiting Coinbase.