The U.S. Supreme Court ruled against Coinbase in an arbitration case, a decision that has limited near-term volatility in crypto markets. However, the Court’s rejection of President Trump’s tariff powers could have longterm political implications affecting crypto policy. In Washington, the ruling adds to an ongoing economic dispute that could occupy policymakers’ attention, potentially impacting discussions of a crypto market structure bill. If tariffs become a live Senate debate, crypto advocates may lose floor time needed for the Digital Asset Market Clarity Act.
Crypto supporters view the decision as a political lever ahead of midterm elections that could influence crypto policy trajectories. Senator Bernie Moreno, a Republican ally of Trump and crypto advocate, criticized the ruling as a setback to efforts against unfair trade, while others suggest outcomes hinge on election results. Regardless, the midterms could profoundly affect crypto policy, and if Democrats win the House or Senate, they could complicate or alter the current push to enact the Clarity Act, even if it is advanced. Even if the crypto industry already has the Clarity Act in hand, other legislative initiatives around taxation and Bitcoin remain in play.
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