Coinbase: The major upcoming catalyst for the cryptocurrency market may be driven by regulation

Coinbase emphasized the important impact of regulatory developments on the US cryptocurrency market in their "Weekly Market Commentary" released on May 17th. Coinbase stated that "macroeconomic factors remain a key driver of cryptocurrency performance, although we believe upcoming major catalysts may be regulatory-driven." The upcoming regulatory events include the US Securities and Exchange Commission's (SEC) decision on the Ethereum exchange-traded fund (ETF), actions that the White House may take on the SEC's SAB121 repeal bill, and the US House of Representatives' vote on the Financial Innovation and Technology Act (FIT). Potential stablecoin legislation, such as the "Lummis-Gillibrand Payment Stablecoin Act," may also accelerate this adoption cycle.