Shares of the Southern 2x Long Coinbase ETF (07711) climbed more than 4% in Thursday's trading session, with gains of 4.48% to HK$23.80 at the time of writing, on turnover of approximately HK$353,500. The move comes as investors position ahead of a critical procedural vote scheduled for the CLARITY Act, which could reshape the regulatory landscape for digital assets in the United States.

According to market reports, Senate Minority Leader Chuck Schumer convened a Democratic caucus meeting to discuss strategy around the procedural vote on the CLARITY Act, currently slated for September 15. Despite months of negotiations involving roughly a dozen Democratic senators, three unresolved issues remain, with the most contentious being a crypto-ethics provision aimed at government officials. Democrats are pushing to restrict President Donald Trump from profiting through his family's crypto ventures, while Republicans insist Democrats should first support advancing the bill, with further talks to continue during Senate deliberation.

The path to passage faces a significant hurdle, as the CLARITY Act requires 60 votes to overcome a potential filibuster, and the ethics clause remains a sticking point in those negotiations. However, Coinbase (COIN.US) Chief Executive Brian Armstrong has expressed confidence in the bill's prospects, noting that the CLARITY Act is designed to establish a comprehensive federal regulatory framework for digital assets. Citing broad support from cryptocurrency firms, law enforcement agencies, and multiple major banks, Armstrong indicated the legislation stands a strong chance of passing through Congress.