The U.S. “Clarity” crypto bill failed to clear a cloture vote this week, and Coinbase said policy leadership could shift from Congress to regulators. Coinbase Chief Policy Officer Faryar Shirzad cited the U.S. election calendar and what he described as resistance amplified by a large bank campaign. He said attention may move to the Securities and Exchange Commission, the Commodity Futures Trading Commission and bank regulators, especially under SEC Chairman Paul Atkins. Coinbase outlined a three-pillar strategy spanning legislation, regulation and international coordination.

Strategy has set a goal of positioning itself as a bitcoin financial infrastructure company rather than only a bitcoin holder. CEO Phong Le described the company as aiming to become the "JPMorgan of Bitcoin" and focus on expanding a credit and liquidity system around bitcoin. Strategy put its digital credit ecosystem at about $15 billion and outlined a two-way bitcoin strategy combining long-term accumulation and balance-sheet flexibility.