IREN Ltd (NASDAQ:IREN) stock traded lower on Friday, as crypto-linked assets experienced a broader sector decline.
The downward momentum follows a drop in Bitcoin (CRYPTO: BTC) to $62,577.71 alongside reduced probabilities of the CLARITY Act passing during the current Congressional session.
Regulatory Delays Lower Passage Odds According to a Wednesday report cited by CoinDesk, JPMorgan Chase & Co analysts led by Nikolaos Panigirtzoglou estimated CLARITY Act approval odds at 37%.
JPMorgan analysts wrote, "The longer the approval of the Clarity Act is postponed, the greater the threat to crypto markets from the growth of tokenization and blockchain-based applications eventually being absorbed by incumbent market infrastructure rather than accruing to public crypto networks." Sen.
Cynthia Lummis (R-WY) posted on X on Wednesday, "After nearly 11 months of giving almost everything asked of us, I genuinely don’t know what else my Democrat colleagues need before we act." Read Also: Jim Cramer: Bending Spoons Is A ‘Really Good’ Software Company, Recommends Buying This Industrial Stock Meanwhile, Bitwise Chief Investment Officer Matt Hougan told Cointelegraph, "The genie’s out of the bottle," adding, "I think the industry will be too big to kill two years from now." Coinbase Earnings Pressure Market Sentiment Industry sentiment was also affected after Coinbase Global Inc (NASDAQ:COIN) reported second quarter financial results Thursday after market close.
