O'Leary Predicts Breakthrough in Cryptocurrency Legislation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Benzinga
- Legislative Progress Prediction: Investor Kevin O'Leary stated in a CoinDesk interview that cryptocurrency market structure legislation is expected to pass by May 15, indicating significant legislative staff engagement and potentially boosting market confidence.
- Stablecoin Rewards Controversy: O'Leary highlighted that the stablecoin rewards issue is the primary reason for legislative delays, accounting for 90% of the uncertainty, and he called for a compromise to ensure a level playing field, reflecting the industry's urgent need for a stable policy environment.
- Coinbase Withdraws Support: Coinbase withdrew its support for the cryptocurrency market structure bill just before lawmakers were set to vote, leading to an indefinite postponement of the bill's markup, which may negatively impact investor confidence in the crypto market.
- Industry Leaders' Perspectives: Ripple CEO Brad Garlinghouse referred to the legislation as a “massive step forward” despite its flaws, urging the industry not to give up on the delayed bill, indicating a strong expectation and confidence in policy changes within the sector.
Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COIN is 361.63 USD with a low forecast of 230.00 USD and a high forecast of 440.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 223.140
Low
230.00
Averages
361.63
High
440.00
Current: 223.140
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the cryptoeconomy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. Its platform helps people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers. It offers products and services to various customer groups: individuals, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime Trading, markets, base protocol and Coinbase wallet.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
