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According to the new analysis information from Clear Street CompanyBlockchain adoption continues to increase corporate investment even though the clarity of US law remains unclear.
The company says that although the delay of the Clarity Act may reduce some aspects of the domestic cryptocurrency market, it has not prevented the participation of groups in the area of tokens, stablecoins and financial structures on the blockchain.
The Senate Banking Committee postponed a scheduled debate on the Clarity Act after Coinbase objected. Even the Senate Agriculture Committee is expected to review the bill on January 27, he warns Expert Owen Lau of Clear Street Although the full legislative period may be delayed until March or later.
Concerns about stablecoin competition
In a comment report by Clear Street, Coinbase CEO Brian Armstrong expressed several concerns about the proposed regulations, especially the risk that banks will be forced to reduce the ability to kill cryptocurrency to reward stablecoins for users.
Clear Street sees this trend increasingly outside of defined rewards such as payments, loyalty programs, e-wallets or staking.
The company argues that these restrictions would tilt competition in favor of traditional banks by allowing them to keep interest rates low and reduce consumer profits associated with stablecoins.
“In our view, the bill is in danger of deviating from its original purpose of promoting cryptocurrency innovation to protect banking margins and prevent competition,” Lau wrote.
Clear Street sees two leading options: either the cryptocurrency sector accepts the unfair rules, or it abandons them altogether. All of these developments could delay the adoption of blockchain technology in the United States and weaken international competition for stablecoins issued in the United States.
The proliferation of institutions continues without a market-making bill
Despite these regulatory challenges, ClearStreet emphasized that blockchain adoption has continued to move forward despite the lack of a comprehensive US market plan.
Major financial institutions including Vanguard, Charles Schwab, Bank of America, Morgan Stanley, JPMorgan Chase, New York Stock Exchange, and Bermuda-based institutions have expanded their stake in blockchain products and infrastructure.
The growth areas that the company represents include capital markets, indexed stocks, and prediction markets. Clear Street added that while support centers can speed up the adoption process, unionization has proven to be strong despite the absence of good laws.
Updated forecasts for companies that own the cryptocurrency market
Clear Street, due to regulatory uncertainty and market volatility, is retracting its forecasts and price targets for several cryptocurrency-related companies.
For Bakkt ( BLSH ), the company raised its EBITDA estimate for Q4 2025 to $37.8 million from $35.5 million, driven by stronger-than-expected revenue.
Adjusted EBITDA estimates for 2026 and 2027 were also raised slightly, due to continued strength in enrollment and operating income. However, Clear Street lowered its price target from $57 to $50, maintaining a buy rating.
For Coinbase, Clear Street lowered its EBITDA estimate for Q4 2025 to $630 million from $748 million, due to lower than December sales. Although the estimate of $731 million seems to be interesting, the company says that the basis of the long-term implementation of blockchain remains valid.
Coinbase’s share price was lowered to $344 from $415 to reflect lower earnings expectations and lower company volume while the Buy price was unchanged.
Stablecoin growth remains healthy
Clear Street has revised its forecast for the company Cycle (CRCL) lowered its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) estimate for the fourth quarter of 2025 to US$112 million from US$116 million, due to a weaker-than-expected USDC market. The company estimates that the closing market value of USDC rose by 72% year-on-year and 2% quarter-on-quarter during this period.
Despite the reduction in short-term estimates, ClearStreet emphasized that long-term adoption drivers remain in place, including prediction markets, tokenization, AI software, and margin payments. The company added that growth in non-profits would also help boost profits. The target price of Circle’s shares was reduced from $110 to $85 and maintained a “hold” rating.
Expectations
ClearStreet concluded that while regulatory delays and political disagreements may dampen sentiment in the near future, blockchain adoption is driven more by corporate interests than by regulations alone.
“Business abuse cases continue to grow even without a clear policy,” the company said, adding that a clear policy would help foster adoption — but the lack of it didn’t stop it.
A note Blockchain implementation is progressing despite the lack of regulatory clarity in the United States appeared for the first time Cryptonews Arabic.
