Coinbase CEO称CLARITY Act有望9月15日获参议院60票推进，延续加密监管利好交易

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The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1502 ET – Coinbase CEO Brian Armstrong is optimistic that the Clarity Act, crypto-friendly legislation that’s still working its way through the Senate, will get passed with more than 60 votes. Democrats and Republicans both got “90% or so” of what they want in the bill proposal, Armstrong tells CNBC. “In any deal I’ve been a part of, you say yes to that deal,” Armstrong says. Senate majority leader John Thune scheduled a floor vote on the bill for Sept. 15. “[Thune] would not have scheduled this on Sept. 15 if he didn’t think it would pass,” Armstrong says. (dean.seal@wsj.com)

1447 ET – The chief of Coinbase says it will be up to Congress and the White House to solve the large looming ethics question about the Trump family’s financial interest in bolstering the crypto industry. The president has offered to put language in the Clarity Act, crypto-friendly legislation that Trump supports but has stalled in Congress, that would address some of the open ethical issues at hand, Coinbase CEO Brian Armstrong tells CNBC. Among potential solves are the president moving his funds into a blind trust. But the ethical challenges shouldn’t derail the Clarity Act, Armstrong says. “We should not leave the status quo and leave Americans unprotected in a morass of state legislation to operate in the U.S., that’s just going to ensure this all goes offshore.” (dean.seal@wsj.com)

0700 ET – Munich Re is paying a generous price for U.S.-based cyber insurance company At-Bay and investors have mixed feelings about the deal, Jefferies’ Philip Kett and Derald Goh write. The German reinsurance company said Wednesday that it was buying At-Bay for $575 million. The company diversifying makes sense, Jefferies says, but notes contrary feedback from investors. “Some investors are of the view that management ought to return more capital via the buyback to help achieve the [earnings per share] target, instead of over-paying for M&A,” Jefferies writes. The At-Bay business is loss-making and isn’t expected to break-even until 2029-30, the analysts note. The company is also operating in a weakening cyber insurance market, meaning the valuation could appear more generous, the analysts add. Shares are down 1.0%, and are 9.4% lower over the year-to-date. (michael.hennessey@wsj.com)

0620 ET – Standard Life’s U.K. pension-risk transfer partnership with a consortium led by CVC Capital Partners and Prudential Financial is highly positive for the British insurer, J.P. Morgan analysts say. The deal doubles Standard Life’s capacity in the U.K. PRT market and allows it to compete with the biggest players, the analysts write. The deal means Standard Life won’t take all the capital strain or risk, and will also receive further capital-light earnings, JPM notes. As a result, the partnership will be accretive to consensus forecasts. JPM reiterates its overweight recommendation on the stock, with a price target of 1,075 pence. Shares are down 0.2% at 902 pence. (michael.hennessey@wsj.com)

0407 ET – The Monetary Authority of Singapore’s planned hedge fund allocation program could be worth more for its sovereign-adjacent status rather than the capital injection itself, says Suhaimi Zainul-Abidin of Quantedge Capital in an email. MAS is planning measures to boost the city-state’s asset-management competitiveness, including a new hedge fund investment program, but didn’t disclose further details. Still, the fund manager’s chief executive says the program, which will likely directly boost assets under management, could be interesting to watch, as a “sovereign-adjacent allocation following real diligence is a signal that travels.” The program is likely to encourage firms to expand their Singapore operations, provided the allocation covers long-duration capital, he says, referring to money to be invested with a long time horizon. (megan.cheah@wsj.com)

0329 ET – Aegon’s consensus expectations for earnings per share might be upgraded after a strong set of results, but the figures could be overshadowed by the chief financial officer’s departure, J.P. Morgan analysts say. The Dutch insurance and asset-management company reported operating profit and operating capital generation beats for the first half, which are likely to help analyst forecasts, JPM says. “This is tempered by negative below-the-line mortality and policyholder behavior-related assumption changes, although overall [pretax profit] is close to our estimates,” the analysts add. JPM notes uncertainty for Aegon in the near term due to the departure of Chief Financial Officer Duncan Russell, which could slightly upstage the results. JPM maintains an overweight recommendation on the stock. Shares are down 3.1% at 7.78 euros. (michael.hennessey@wsj.com)

0258 ET – Bitcoin stays elevated after reaching an 11-week high overnight after President Trump urged Congress to pass a crypto regulation bill and the U.S. Treasury announced increased buybacks of long-term bonds. Trump asked lawmakers to pass a “fair version of the Clarity Act” which has stalled in the Senate. His commitment to keeping the U.S. ahead in digital assets and openness to considering recommendations around additional government bitcoin accumulation reduce regulatory uncertainty which has constrained institutional participation, Zaye Capital Markets analyst Naeem Aslam says in a note. The Treasury’s buyback announcement pushed yields lower, while consecutive bitcoin exchange-traded inflows strengthened institutional demand, he says. Bitcoin rises 1.1% to $69,831 after reaching as high as $69,994 overnight, LSEG data show. (renae.dyer@wsj.com)

0242 ET – AIA Group’s in-line 1H results and encouraging outlook for the Hong Kong-mainland China cross-border business don’t warrant the drop in its shares, say Jefferies analysts in a note. The shares fell over 2% before paring losses to last trade 0.3% lower at 72.75 Hong Kong dollars. The insurer’s 1H return on embedded value hit a record high, they note. AIA’s chief executive confirmed confidence in its outlook and strong customer demand in Hong Kong during its earnings call, which Jefferies says reinforced its upbeat view on the company. While debate on cross-border flows remains present, “nothing has changed in more than two decades, and structural growth drivers are intact,” Jefferies adds. Jefferies maintains its buy rating and HK$111.00 target price. (megan.cheah@wsj.com)

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