Analysts at investment bank Compass Point initiated coverage of crypto exchange Bullish with a neutral rating and a $45 price target, about 16% below its current price, and amid wariness about its ability to crack the U.S. market.

Ed Engel and Abdullah Dilawar wrote that the U.S. Congress had yet to pass the CLARITY Act, market structure legislation that would clarify the jurisdictions of the Securities and Exchange Commission and Commodity Futures Trading Commission. New York State’s restrictive BitLicense could also hinder Bullish’s efforts, they wrote.

“We have a hard time seeing Bullish entering U.S. markets until Congress passes market structure legislation,” the analysts wrote. “Until then, NYDFS [New York Department of Financial Services] is viewed as the industry’s de facto U.S. regulator.”

They added: “NYDFS is historically less hospitable to novel blockchain technologies which leaves us cautious towards Bullish’s Bitlicense approval. While the company is extre

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Author: Mathew Di Salvo