COIN Stock Falls 6.4% as Coinbase Withdraws Crypto Bill Support

COIN, the native stock of Coinbase, dropped by 6.4% on January 15 as the company withdrew its support from the crypto market structure bill.
The COIN stock price formed a "death cross" pattern, with the 50-day SMA crossing below the 200-day SMA, indicating a bearish trend.
Historically, similar patterns have preceded significant rallies, with past occurrences followed by over 100% gains.
Coinbase's withdrawal from the bill was due to issues like tokenized equities ban, DeFi limitations, and CFTC authority curbs. CEO Brian Armstrong prefers no bill over a flawed one.
Armstrong believes the decision won't permanently harm the bill's prospects, stating that industry concerns are more about timing than content.
Citron Research criticized Coinbase's withdrawal, suggesting it fears competition rather than the bill's framework.
Securitize, backed by BlackRock, plans to go public in 2026 via a SPAC merger, having issued over $4 billion in tokenized assets.