CoinShares said in its latest report that the failure of the U.S. CLARITY Act to advance in the Senate has cooled near-term expectations for crypto market structure legislation, but has not stopped the ongoing tie-up between traditional finance and on-chain infrastructure. The firm said corporate investment in payments, stablecoin distribution, and tokenized securities is still moving ahead through real business partnerships rather than waiting on a full legislative breakthrough.
The report pointed to several recent TradeFi-related developments: the New York Stock Exchange and Blockchain.com are exploring a 24-hour trading channel for tokenized U.S. stocks and ETFs; Intercontinental Exchange (ICE) is set to establish a two-way data partnership with Blockchain.com; and Circle has expanded its five-year partnership with Binance and secured a $100 million strategic investment to support USDC distribution. CoinShares said these steps, along with the U.S. Securities and Exchange Commission’s recent innovation exemptions, should keep trading, payments, and clearing infrastructure shifting on-chain.
CoinShares also said crypto assets have so far held up under pressure from both regulation and interest rates. Its blockchain equities index rose 1.9% last week, while Bitcoin gained 3.8%. Still, the firm noted that the U.S. dollar has climbed to an eight-week high, the 10-year Treasury yield has moved above 5.2%, and oil prices remain supported by tensions in the Middle East, leaving the macro backdrop unfavorable for liquidity-sensitive assets.
CoinShares said in a new report on Sept. 29 that the failure of the U.S. CLARITY Act to advance in the Senate has cooled near-term expectations for crypto market structure legislation, but has not stopped the broader convergence of traditional finance and on-chain infrastructure.
According to the report, setbacks on the regulatory front have not interrupted corporate spending in payments, stablecoin distribution, or tokenized securities. Instead, institutional adoption is still moving forward through commercial partnerships and operating activity.
TradeFi deals continue despite legislative slowdown
CoinShares pointed to several recent TradeFi developments across the crypto sector. The New York Stock Exchange and Blockchain.com are exploring a 24-hour trading channel for tokenized U.S. stocks and exchange-traded funds. Intercontinental Exchange, or ICE, is also set to build a two-way data partnership with Blockchain.com.
The report also said Circle has expanded its five-year partnership with Binance and received a $100 million strategic investment to support USDC distribution. CoinShares said these developments, together with the U.S. Securities and Exchange Commission’s recent innovation exemptions, should continue pushing trading, payments, and clearing infrastructure onto blockchain rails.
Macro pressure remains in place
CoinShares said market performance suggests crypto assets have so far withstood pressure from both regulation and interest rates. Its blockchain equities index rose 1.9% last week, while Bitcoin gained 3.8%.
Even so, the report said the U.S. dollar has climbed to an eight-week high, the 10-year U.S. Treasury yield has broken above 5.2%, and oil prices remain supported by the situation in the Middle East. In CoinShares’ view, that macro setup is still unfavorable for liquidity-sensitive assets.
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