3 Crypto Stocks to Sell Before Congress Strikes

From Nasdaq: 2024-05-07 06:19:00

Congress is considering legislation to strictly limit stablecoins, proposing a ban on unbacked algorithmic stablecoins. The bill would require stablecoin issuers to back each stablecoin with $1 of U.S. currency. If passed, this law could force many issuers to cease operations, impacting crypto prices. Coinbase could face significant revenue losses if the bill passes, with potential impacts on trading volumes and stock prices. MicroStrategy, with a significant Bitcoin holding, could also suffer from the stablecoin legislation, leading to pressure on stock prices. Marathon Digital focuses on Bitcoin mining and could see its top and bottom lines affected by the potential stablecoin-regulation law and the post-halving decrease in Bitcoin earnings. The looming legislation has also impacted Bitcoin prices, resulting in concerns for Marathon’s future earnings.

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