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Following
ADA 
AVAX 
BCH 
HBAR 
LINK The U.S. crypto market is undergoing important regulatory progress: Coinbase is approved by the CFTC to operate a clearing house
As the Senate failed to pass the CLARITY Act, the broader debate on U.S. cryptocurrency regulation has not subsided. At the same time, the U.S. crypto market has ushered in another important regulatory development: The Commodity Futures Trading Commission (CFTC) has approved Coinbase Clearing to operate as a regulated derivatives clearing organization.
In a procedural vote in the Senate, the CLARITY Act failed to receive the necessary votes. Although this is not a formal veto of the legislation, it means the bill still needs to await further action by Congress. During this period, regulators continue to make decisions that affect market infrastructure and cryptocurrency transactions based on their existing powers.
Coinbase obtains derivatives clearing license
Based on CFTC approval, Coinbase Clearing will become a derivatives clearing organization for certain regulated products. The structure stipulates that Coinbase affiliates are isolated from exchange business, brokerage business and clearing business in the derivatives process. Some futures contracts are allowed to be traded on Coinbase Derivatives (designated as the contract market). Coinbase Financial Markets serves as a futures commission trader (FCM) responsible for processing client orders and receiving client funds, while Coinbase Clearing is responsible for central clearing between counterparties.
With U.S. cryptocurrency legislation still uncertain, regulatory actions have become a key force in changing market infrastructure, especially before the CLARITY Act has yet to be finalized.
Avalanche (AVAX) 仍在观察名单之列
在美国数字资产市场中，Avalanche是一个备受关注的知名智能合约网络。AVAX与基于区块链的应用和活动生态紧密相连。更完善的受监管交易基础设施有助于将现有的Layer-1资产保留在主流市场的讨论视野中。然而，仅靠监管变化并非决定AVAX未来表现的唯一因素。
Bitcoin Cash (BCH) 随衍生品基础设施扩张而受关注
与智能合约网络不同，Bitcoin Cash的定位侧重于点对点（P2P）交易。BCH在加密货币交易领域已深耕多年。随着传统大型市场参与者密切关注美国的整体交易准入情况，像Bitcoin Cash这样的成熟加密货币也可能随之受益。
Cardano (ADA) 面临新的市场基础设施考验
Cardano是另一个长期建立且深受加密交易者和投资者关注的区块链网络。其生态系统在去中心化应用、治理和网络改进方面稳步演进。此外，对于ADA而言，除了网络活动、流动性和整体加密货币市场状况外，受监管市场基础设施的潜在变化也将构成更广泛的影响因素。
Chainlink (LINK) 在区块链数据市场中保持相关性
Unlike other projects, Chainlink's technology allows the introduction of external data into blockchain applications. It has been used in many fields such as decentralized finance (DeFi) and smart contract applications. Therefore, LINK not only has transaction value, but its market story extends to the overall development of blockchain financial infrastructure.
Hedera (HBAR) joins the watch list
As institutions and enterprises continue to develop collaborative blockchain applications, Hedera has also become one of the closely watched networks. Compared with payment-focused cryptocurrencies and traditional smart contract platforms, HBAR has a unique market positioning. As a result, changes in the U.S. trading infrastructure may provide another market variable for participants tracking HBAR that needs to be considered in conjunction with liquidity and broader digital asset trends.
What do the latest regulatory trends mean for altcoins?
The failure of the CLARITY Act vote leaves U.S. crypto legislation still pending, but the activities of existing regulators have not stopped. Coinbase's approval from the CFTC adds new dynamics to the derivatives market, but does not resolve broader legislative disputes.
For AVAX, BCH, ADA, LINK and HBAR, the main catalysts of the future are likely to remain closely linked to regulatory decisions, market liquidity, network development and the broader crypto market environment. These factors will determine the level of attention each asset receives as the digital asset framework continues to evolve.
