Proposed U.S. defense bill may subject stablecoin issuers to KYC and AML rules they can't comply with, warns Berenberg analyst Mark Palmer. Circle's USD Coin and others could face compliance issues. Recent amendments to the 2024 NDAA may introduce new standards for crypto assets to ensure AML and sanctions compliance. Circle's market cap already declining, and Coinbase, which relies on USDC for 27% of net revenue, could be affected. Coinbase shares outperformed due to the favorable Ripple ruling and potential Bitcoin ETFs, but SEC Chair Gary Gensler's recent comments cast uncertainty. Berenberg maintains a "hold" rating for Coinbase stock, citing cash cushion.