Coinbase is actively negotiating the "Genius Act" and market structure legislation, with a potential window for passing in March/April. Regulatory clarity acts as a "moat" for compliant entities like Coinbase. The legislation would clarify stablecoin yields and digital commodity activities, encouraging traditional banks to partner with crypto firms, thereby increasing Coinbase's institutional volume. LONG (Regulatory Catalyst). Legislation could stall due to the approaching 2026 midterms.