Encryption Concepts Daily Watch: Clarity Act 4th July Countdown 10 days Bernstein defines Coinbase as "the All Power Exchange" - how the two catalysts resonate
Bernstein's "All Power Exchange" assertion: four revenue pillars
Bernstein Analyst Gautam Chhugan, in his June 22 report, characterized Coinbase as a "multi-asset single exchange", supported by four pillars: first, cash (BTC/ETH/altcoin); second, United States compliance derivative under the supervision of CFTC - a renewal contract, Coinbase, the only United States-wide CFTC-sanctioned futures dealer (FCC) with global encryption derivatives, Bernstein characterised it as a core competitive barrier; third, institutional hosting (Coinbase Prime); and fourth, monetary assets and RWA-Coinbase have been introduced to non-United States investors in dollar-based shares (including automatic red-chain codable functions), stock renewal contracts and IPO front contracts (e.g. SPCX-PER). Bernstein pointed out the same day that monetization of RWA had broken the total market value$51 billion(YTD + 40 per cent), and Coinbase ' s Base chain and its hosting infrastructure is one of the most important carriers。
CARITY Act Final 10 Days: Three Overlapping Plus Specific Impact on Coinbase
The Senate is required to complete a 60-vote procedural vote in this window about 10 days from the date of signing the White House target (4 July). For Coinbase, landing means three overlaps plus:One(B) BTC DIGITAL COMMODITY STATUS IS DOCUMENTED, AND PENSION, INSURANCE AND OTHER REGULATED BODIES CAN FORMALLY INCLUDE US$ COIN SHARES IN THE PORTFOLIOSecondCFTC ESTABLISHES FEDERAL PRIORITY JURISDICTION OVER THE FORECAST MARKET, AND NEW YORK STATES AND SO ON HAVE THE STRONGEST FEDERAL LAW ENDORSEMENTS — CURRENTLY PREDICTING THAT MARKET REVENUES HAVE EXCEEDED ANNUALIZED$100 millionThe legal risk discount on this line of business will be systematically reducedThirdThe incentive clause for stabilizing currency activity was legalized, and the USDC incentive split model was secured by a legislative anchor that targeted Coinbase as the source of revenue for the largest distribution channel of the Circle。
Coinbase strategic divide with Galaxy: same cycle, two resilience logic
Tokenet investment in Galaxy Digital, along with Coinbase's Optimistic Exchange strategy, represents two different sources of resilience in the same market environment for encrypted infrastructure companies. Galaxy's resilience comes from the synergies of the three diversified income lines - CoreWeave AI Data Centre (about)$90 millionQ2 Adjusted EBITDA, Institutional Digital Asset Lending (Tokenet enhanced equity), Asset Management (AUM $5 billion) - these three lines are gradually decreasing their relevance to BTC prices. Coinbase's resilience comes from a combination of "network effects x regulation of the moats", the only licensed FCM of the CTC, which cannot be replicated by competitors in the short term, which gives it a systematic pricing advantage after the regulatory framework has been established. Both models point to the same structural conclusion: the long-term value of the encryption industry is moving from "price Beta" to "infrastructure service income", and the legislative landing of the CIA Act will be the final confirmation of this migration at the level of regulatory certainty。
Locked up two key dates yesterday for the concept of encryption
Yesterday's two key dates will have a direct impact on the secure concept unit valuation path:29 JuneIf adopted, the shareholders will vote on the Securitize mergerSECZIT WILL BE THE WORLD ' S FIRST COMPANY TO BE LISTED AS THE WORLD ' S FIRST PURE RWA MONETIZED INFRASTRUCTURE, NEW YORK, AND WILL BE INSTRUMENTAL IN THE VALUATION OF THE ENTIRE TRACK4 JulyCLARISTY Act White House Target Signing Window — Senate 60 votes completed this week — means that core encryption concepts such as Coinbase, Circle, Galaxy, Hut 8 will be supported by triple legislation at the same time point in the legal status of digital goods, the regulatory framework for stable currencies and institutional compliance. This week is the most important policy-intensive window in 2026 for investors in the warehouse encryption concept, the US$COIN in Bernstein's "Exact Exchange" framework, and the US$ GLXY, which is recognized by institutional research, are two of the most structural validation opportunities available。
Data source:https://bbx.com/THE ENCRYPTION CONCEPTS INFORMATION BASE IS BASED ON YESTERDAY'S GLOBAL LISTED CORPORATE BULLETIN AND THE SEC/TSE DISCLOSURE DOCUMENT。
