Coinbase's Withdrawal of Support: Selfish or a Savior? An Insight into the Financial Power Struggle Behind the 'Clear Act'

【In-Depth Research · Penetrating Analysis】 While the entire network is focused on the big screen showing $100,000, the most intense game this week has already completed a round of reversals in the Senate Banking Committee. Coinbase's last-minute withdrawal of support for the 'Clear Act' directly led to a postponement of the vote. This is not just a simple public relations move, but a war concerning the 'pricing power' of the crypto industry for the next 10 years.

🛡️ Audit Dimension One: The 'Death Line' of Business Landscape

The bill draft attempts to cut off the customer acquisition logic of crypto platforms by prohibiting 'stablecoin yields.' Stablecoin rewards are one of Coinbase's core income pillars for 2026. Depriving the right to earn is equivalent to forcibly redirecting funds back to traditional banks. This is a typical case of **'using legislation for existing competition.'**

🛡️ Audit Dimension Two: The 'Glass Ceiling' of Technological Innovation

The stringent restrictions on 'tokenized stocks' in Clause 505 of the bill expose the tremendous influence of traditional brokerage lobbying groups. The compliance of RWA should have been the engine for the next bull market; if locked within the 'existing rules' by the bill, the efficiency advantage of on-chain finance will vanish.

🛡️ Audit Dimension Three: The 'Truth Value Verification' of Policy Authenticity

Our audit through the 'Seven-Point Framework' found flaws in the policy authenticity of this bill:

Shift of Power Center: Nominally clarifying the boundaries between the SEC and CFTC, but in reality granting the SEC a more concealed long-arm jurisdiction.

Unlimited Access to Privacy: The regulatory requirements imposed on DeFi protocols essentially implant a government backdoor at the technical level.

【Operational Suggestions and Expectations】

Risk Point: $BTC currently retests the support at $95,000, which is a hedge against the negative sentiment due to the bill's delay.

Bullish Opportunity: Once Armstrong obtains an exemption or amendment for the 'yield prohibition' through political lobbying, the regulatory uncertainty will disappear, and $BTC will instantly pierce through $100,000.

Summary: Do not be blinded by the two words 'compliance.' The real benefit is the legalization of decentralized logic, not the on-chain extension of centralized hegemony. Coinbase's 'table flip' this time has preserved the last fortress for all Web3 natives. #加密市场观察 #比特币2026年价格预测