Citi (C) said in a research note on Wednesday that a sweeping Republican victory in the upcoming U.S. election would be the most favorable outcome for Coinbase and the broader crypto market, while a Harris victory and a divided Congress could lead to more uncertainty in the digital asset industry.
Citi noted that the existing House Financial Services subcommittee is made up of several Democrats who are strongly opposed to cryptocurrencies. However, they "may still be overwhelmed by the Democratic and Republican pro-cryptocurrency ranks." The biggest outcome that has led to uncertainty about digital assets is a Harris victory and a split Congress. This could present a challenge for Senate confirmation, and Coinbase investors may be less hopeful that any potential crypto legislation will gain sufficient support in the Senate.
Citi: The Republican victory in the US election is the most favorable outcome for the cryptocurrency market
2024-10-18 10:41:08
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