CLARITY Act failure hits Coinbase, Circle and Strategy as shares fall 5–10%

• —CLARITY Act fell short of the 60-vote threshold in the Senate on September 16
• —Coinbase, Circle and Strategy shares dropped 5–10% after the vote
• —Saxo Bank: Coinbase is most exposed given direct impact on its trading business
• —Strategy skipped BTC purchases for two weeks, buying back $139.3M in preferred stock