**TechFlame News** — Benchmark has lowered its second-quarter earnings expectations for Coinbase ahead of the company's upcoming earnings report next week, citing sluggish trading activity in the crypto market. However, the firm maintained a "Buy" rating and a price target of $270. Based on Coinbase's closing price of roughly $172 on Wednesday, that target implies an upside of about 57%. Benchmark analyst Mark Palmer revised down his second-quarter revenue estimate for Coinbase from $1.51 billion to $1.38 billion, and lowered the full-year 2026 revenue forecast from $6.33 billion to $6 billion. The firm noted that spot trading volumes on centralized exchanges dropped by approximately 28% in the second quarter, while the total crypto market cap fell by about 13%. As a result, Benchmark expects Coinbase's trading revenue to decline by more than 5%. That said, there were early signs of stabilization in June, with spot trading volumes rising back above $1 trillion for the first time since March, which could partially offset the weak performance in the second quarter. Benchmark believes that if the *CLARITY Act* is ultimately passed, it could serve as a more significant stock catalyst than any single quarter's earnings. Coinbase is expected to be one of the primary beneficiaries of the legislation. Trump has previously agreed to relevant ethical provisions, removing a key obstacle to the bill's progress.