Coinbase Global, Inc. operates a platform for crypto assets in the United States and internationally. It offers consumers a primary financial account in the crypto economy, provides institutions with a brokerage platform and liquidity across the crypto marketplace, and supplies developers with products for building onchain. The company was founded in 2012 and is based in New York, New York.
SEC Grants Five-Year Innovation Exemption for Tokenized U.S. Equities, Lifting Robinhood and Coinbase
The SEC announced a five-year conditional Innovation Exemption allowing eligible platforms to trade tokenized U.S. equities without standard exchange registration, sending shares of Robinhood up 7.6% and Coinbase up 10.5%. According to Reuters, the temporary framework lets digital asset brokerages and trading platforms support tokenized equity trading while the agency solicits public comments to shape permanent regulatory policies for on-chain securities. Tokenized equities represent traditional corporate shares as digital tokens on a blockchain, potentially enabling 24/7 trading, fractional ownership, and more efficient settlement. The move reduces compliance hurdles and waives full exchange registration requirements for qualifying participants, opening the door for platforms like Coinbase and Robinhood to launch new asset offerings and capture additional trading volume. The rally was further supported by a rebound in the broader cryptocurrency market, with Bitcoin trading up roughly 2% near $78,000. Coinbase remains down 17.7% since the start of the year and trades at $194.63 per share, 49.7% below its 52-week high of $387.27 from October 2025.
Coinbase Trades at 80.17X Forward P/E, Zacks Rates Stock a Sell
Coinbase Global Inc. shares are trading at a 12-month forward price-to-earnings of 80.17X, a steep premium to the industry average of 15.56X, the broader sector's 16.29X and the Zacks S&P 500 composite's 19.54X, and Zacks Investment Research says investors should avoid the stock given its stretched valuation. The firm assigns Coinbase a Value Score of D and a Zacks Rank #4 (Sell), citing softer market volatility, weaker digital asset prices, near-term revenue and earnings pressures, and below-average return on equity. Coinbase shares have gained 6.6% over the past three months, outperforming a 6.4% decline for its industry, a 1.4% gain for the sector and a 0.1% gain for the Zacks S&P 500 composite, a move Zacks attributes to Bitcoin momentum, institutional inflows into spot Bitcoin ETFs for which Coinbase serves as custodian, and improving regulatory clarity. The Zacks Consensus Estimate for 2026 now stands at a loss of 21 cents per share, an improvement from a loss of 37 cents expected seven days ago, while the 2027 consensus estimate has moved 13.7% higher over the past seven days. Coinbase is pursuing CEO Brian Armstrong's vision of an "everything exchange," with recent initiatives including regulated derivatives in Canada, an expanded Webull partnership, a collaboration with Moov on stablecoin payment and custody infrastructure for community banks and credit unions, and a nationwide conforming mortgage product backed by crypto assets introduced with Better Mortgage.
SEC Clears Path for Tokenized US Stocks Under Five-Year Innovation Exemption
The US Securities and Exchange Commission has cleared a path for tokenized US stocks, bringing the market closer to 24/7 trading under a five-year innovation exemption that lets eligible platforms trade tokenized US equities through blockchain-based liquidity pools. No platform has been individually approved, and the framework is not yet operational, though trading could start as soon as 30 days out. The exemption covers secondary trading only, not IPOs or issuance of new shares, and tokens must be tied to existing publicly traded equities rather than price trackers, with holders receiving the same economic interest, dividends, voting rights, liquidation rights and shareholder communications as conventional shareholders. Issuing companies get a veto: if an unaffiliated third party such as an exchange wants to tokenize a company's stock, the company receives 30 days to object. Smart contracts must be public and auditable on a public permissionless blockchain, not walled-garden private chains, while traders and wallets are verified and whitelisted for sanctions and AML compliance, and tokenized stocks can trade in crypto-style pairs, including tokenized stock against tokenized stock, a permitted stablecoin, another non-security crypto asset, or tokenized money market funds. The deliberately small pilot has multiple tiers: for the largest Tier one stocks each venue is limited to 75 symbols and 0.25% of each stock's prior month average daily volume, Tier two allows 250 symbols and 2.5% of volume, and repeatedly exceeding a limit triggers a three-month trading pause in that stock. Around-the-clock trading and self-custody are possible but not guaranteed and will be up to the exchange, and the relief exempts only two narrow requirements: venues from registering as conventional exchanges, and qualifying AMM liquidity providers from dealer registration and anti-fraud and market manipulation rules.
Coinbase Files With SEC to List Perpetual Futures on U.S. Stocks
Coinbase Global has filed for regulatory approval to list perpetual futures tied to individual large-cap U.S. stocks, opening the door to 24/7 leveraged trading of shares such as Apple, Microsoft, Tesla and Nvidia on a regulated U.S. platform. The exchange plans to offer contracts linked to roughly 50 to 60 major stocks, with trading potentially starting later this year if regulators approve the products, according to The Wall Street Journal. Coinbase submitted a Form 1-N to the Securities and Exchange Commission earlier this month, a filing that allows Coinbase Derivatives to register with the SEC as a national securities exchange for security futures products. The move follows Coinbase's push to expand perpetual futures beyond crypto; the exchange launched stock perps for eligible customers outside the U.S. in March, and earlier this month launched regulated crypto derivatives for eligible Canadian traders, offering 23 crypto futures tied to assets including Bitcoin, Ether and Solana, alongside futures for gold, silver, oil and the COIN50 index. U.S. regulators have also taken steps this year to open the market to perpetual contracts, with the Commodity Futures Trading Commission approving a bitcoin perpetual futures contract submitted by Kalshi on May 29 and saying market participants could seek approval for other perpetual products. Coinbase is not alone in seeking to bring the products into the U.S. regulated market, as Kalshi has also moved toward offering single-stock perpetual futures.
Strategy Jumps 12%, Coinbase Climbs 11% as Bitcoin Tops $80,000
Bitcoin traded at $80,888.81, up 5.5% over 24 hours, pushing crypto-linked equities sharply higher Friday morning. Strategy stock rose 12% to $148.55 and Coinbase Global shares climbed 11% to $192.43, both outpacing the coin itself, while the iShares Bitcoin Trust ETF gained 6% and the SPDR S&P 500 ETF Trust slipped 0.1%. Nic Puckrin, founder of Coin Bureau, said short positions were liquidated once Bitcoin broke past its resistance level, and crypto derivatives traders had been heavily positioned in call options heading into the move. The Securities and Exchange Commission said Thursday it is granting a five-year exemption allowing U.S. trading venues to offer tokenized stocks, a direct tailwind for Coinbase, which earns fees on every listed venue it operates. Coinbase chief executive Brian Armstrong said he now assumes the CLARITY Act is dead and that another path exists through the regulators, naming the SEC and the Commodity Futures Trading Commission, while a House of Representatives committee advanced the Strategic Bitcoin Reserve bill on Thursday, a measure that still requires approval from the full House and the Senate. Strategy remains a leveraged treasury vehicle for Bitcoin, funded largely with issued equity, and its stock is still down 3% year to date even after this month's rebound.
SEC Opens U.S. Path for Tokenized Stocks Under Five-Year Exemption
The Securities and Exchange Commission's Sept. 17 Innovation Exemption creates a five-year, conditional pathway for certain tokenized U.S. stocks to trade on blockchain-based Tokenized Securities Venues, a framework that could benefit Robinhood Markets. The exemption permits trading through permissioned automated market makers and liquidity pools, but requires tokenized shares to give holders the same rights and privileges as conventional shares, including dividends and voting rights, while issuers can block third-party tokenization by objecting within 30 days of receiving notice from the trading venue. Robinhood cannot simply bring its existing Stock Tokens to the United States, since the company describes them as tokenized debt securities backed 1:1 by underlying shares that provide economic exposure rather than legal or beneficial ownership and are unavailable to U.S. residents. Robinhood CEO Vlad Tenev has said the company plans to add one-for-one share redemption and voting rights after AMC CEO Adam Aron criticized the Stock Tokens for lacking traditional shareholder rights, though the SEC's allowance for issuer objections diverges from Tenev's stance. Coinbase Global is the most direct rival given its U.S. stock-trading business and international tokenized-equity efforts, while Intercontinental Exchange is developing a 24/7 digital venue for tokenized equities through the NYSE. Robinhood's first-half 2026 revenues climbed 24% year over year to $2.38 billion, earnings rose 23% to $1.00, and the company ended August with 28.6 million funded customers and $384 billion in total platform assets, up 26% year over year.
SEC and CFTC to Write Crypto Rules Alone After CLARITY Act Fails
SEC Chair Paul Atkins and CFTC Chair Michael Selig said their agencies will write crypto rules on their own authority after the CLARITY Act fell short of the 60 votes needed to advance in the Senate on Tuesday, receiving only 50. Selig has directed CFTC staff to draft rules for a purpose-built exchange registration category covering leveraged retail crypto trading, which could give XRP spot markets a formal path to CFTC oversight for the first time. Atkins has unveiled the SEC's Regulation Crypto Assets framework, and an offering rule open for public comment until October 20 would let crypto projects raise money under clearer disclosure requirements. JPMorgan warns that agency rules are far less durable than legislation, since future administrations can reverse them or courts can strike them down, and Atkins himself has called rulemaking a head start on legislation rather than a replacement. XRP traded near $1.31 and Bitcoin around $76,000, with Bitcoin's bank custody path through the OCC, Fed, and FDIC never depending on the bill.
Coinbase CEO Says AI Agents Will Need Their Own Financial Infrastructure
Coinbase CEO Brian Armstrong said AI agents will need their own financial infrastructure, telling Scott Melker that the company has built a set of tools for the agentic economy. Armstrong said the existing payment rails are sometimes not sufficient for AI because agents want to move very fast, make payments globally, and in some cases transact in very small amounts. The stack includes the Base blockchain, the USDC stablecoin that Coinbase co-created with Circle, and the X402 protocol, which Coinbase created and which is now under the Linux Foundation in collaboration with Google, AWS, CloudFlare and others. He said X402 allows agents to pay each other in real time instantly all over the world, even in very small transaction amounts like a couple of cents at a time, which traditional payment rails do not really support. Armstrong also said Coinbase has been able to bring perpetual futures products to the US under this administration, calling them a pretty killer app in the trading world, and that he expects a future not too far off in which more agents transact in the economy than humans.
Coinbase CEO Brian Armstrong Says Tokenized Stocks Have Already Notched Almost $1 Billion in Trading Volume
Coinbase CEO Brian Armstrong said the company's newly launched tokenized equities have already generated almost a billion dollars in trading volume just weeks after debut. In an interview with Scott Melker on "The Daily Wolf with Scott Melker," Armstrong said Coinbase built the tokenized shares as real securities that can be redeemed one to one for the underlying share and carry shareholder rights including dividend upside and voting, unlike the derivative, synthetic or debt-instrument versions he said he has seen elsewhere. He argued tokenized equities let users trade shares 24/7, send them anywhere in the world and tap a unified global liquidity pool, serving the roughly four billion people he said lack access to any brokerage. Armstrong said Coinbase began with stablecoins, a one-to-one backed digital token for a dollar, and now intends to tokenize everything, including private companies, treasuries and asset management funds, to make investments fast, cheap and globally distributed while reducing settlement risk. He added that the current SEC is very interested in bringing the idea to the US.
Senate Blocks Clarity Act as Coinbase CEO Cites Mixed Impact
The US Senate voted 49–50 against advancing the Clarity Act, a key piece of proposed crypto market-structure legislation. Coinbase CEO Brian Armstrong said the bill would have been beneficial overall for America through durability and clarity of the rules, but that it also carried a downside for Coinbase. He explained that regulatory clarity would have prompted every major financial services company in the world to start integrating crypto, bringing far more competition. Armstrong said it could arguably be better for Coinbase to proceed under the current path, since it is one of the few companies willing to go through it, though he remains focused on growing crypto adoption globally, including in the United States. He added that it was frustrating to see people retreat into tribal camps and forget the bigger picture.
Coinbase Trades 47% Below High as 24/7 Wall St. Sets $212.94 Buy Target
24/7 Wall St. has issued a BUY rating on Coinbase with a 12-month price target of $212.94, implying 23.73% upside from a current price of $172.11, even as the stock sits 47.37% below its 52-week high. The call follows a rough second quarter in which revenue of $1.22 billion fell 18.5% year over year and missed consensus by 5.36%, with GAAP EPS of -$1.36, as total crypto spot trading volume dropped 25% quarter over quarter. The bull case rests on diversification: subscription and services reached 48% of net revenue in Q2, prediction markets already exceed $100 million in annualized revenue, average USDC held on platform hit an all-time high of $20 billion, and Base has processed roughly $32 trillion in trailing 12-month stablecoin transfer volume, with management projecting the stablecoin market will grow tenfold from $300 billion today to $3 trillion by 2030. The bear case is equally blunt: consumer transaction revenue fell 20% year over year and institutional dropped 26%, assets on platform slid to $246 billion from $294 billion, and the FY2026 EPS estimate has collapsed from $0.8953 ninety days ago to -$1.9697 today on 13 downward revisions in the past 30 days. For comparison, Robinhood posted Q2 2026 revenue up 32% year over year to $1.31 billion and carries an $87 billion market cap versus Coinbase's $38 billion, while CME Group reported $1.71 billion in quarterly revenue at a $99 billion market cap. 24/7 Wall St.'s bull scenario points to $361.40, while its bear scenario lands at $186.62, still above the current price.
US Senate Rejects Motion to Begin Debate on Clarity Act, Crypto-Linked Stocks Fall
On the 15th, the US Senate rejected a cloture motion on a motion to begin debate on the Clarity Act, a cryptocurrency regulation bill, by a vote of 49 to 50, falling far short of the 60 votes needed. In response, Coinbase shares fell about 10%, Circle shares about 11%, and Strategy shares about 5%. Saxo Bank investment strategist Ruben Dalfovo noted in a September 16 report that the risks facing the three companies differ, and analyzed that Coinbase is most directly affected by the Clarity Act's progress. According to him, Coinbase posted a record share of crypto trading in the second quarter, and the average USDC balance held within its services reached 20 billion dollars. Circle's main risk factors, meanwhile, are USDC adoption and interest rates, while Strategy's are the bitcoin price and its funding structure. The Senate is scheduled to adjourn on December 18, and Republican Tom Tillis has filed a motion to reconsider, but Bernstein sees little chance of a revote and expects the US Securities and Exchange Commission and the Commodity Futures Trading Commission to move quickly to formulate rules.
Bitcoin Slips Below $76,000 as Senate Stalls CLARITY Act
Bitcoin fell to around $75,800 on September 16, losing roughly 1.5%, after the Senate failed to advance the CLARITY Act, a market structure bill that would divide U.S. crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The decline was far smaller than the losses suffered by other crypto assets, with XRP down nearly 8%, Ethereum down about 3% and Solana down 3.5%, while Coinbase dropped 8.65% as the regulatory disappointment landed hardest on crypto intermediaries rather than on Bitcoin itself. Rachael Lucas of BTC Markets said the legislation was never the binding constraint for Bitcoin, and U.S. spot Bitcoin ETFs, which hold about 6.35% of Bitcoin's circulating supply, faced no immediate rule change because they already operate under existing SEC rules. Macro pressure was already building before the vote, with Brent crude closing at $108.75 and WTI at $105.83 after Saudi Arabia shut its East-West pipeline, the 10-year Treasury yield touching its highest intraday level since 2007, and CME FedWatch putting the odds of a 25-basis-point hike at the September 16 meeting between 88% and 94%. U.S. spot Bitcoin ETFs recorded $462.7 million of outflows over the four days through the week ending September 11, followed by a $160 million net inflow on September 14 and roughly $450 million of outflows on September 15, leaving traders watching $78,189 as the level that would signal the market is pricing out the regulatory discount, with $75,000, $74,000 and $72,000 as the key levels below.
XRP Falls 9.4% After Senate Clarity Act Vote Fails 49-50
XRP tumbled 9.4% over the past 24 hours to trade at $1.28 after the Senate failed to advance the CLARITY Act, a bill that would have made the token's commodity status permanent under U.S. law. The cloture motion failed 49 to 50, falling 11 votes short of the required 60 and one vote short of a simple majority, with Senator Chris Coons not participating. XRP's commodity status currently rests on a joint SEC and CFTC interpretation from March 17, 2026 that classified it as one of 16 digital commodities, which a future commission could alter by vote. Coinbase, the exchange most affected by the bill, fell 8.65%, while Bitcoin slipped only 1.2%, Ethereum fell 2.9% and Solana dropped 3.4%. XRP also broke below its 200-day moving average at $1.355, which it had held for five sessions, touching an intraday low of $1.276. Senator Thom Tillis filed a motion to reconsider at 3:01 p.m., and Kalshi traders put the odds of it passing before year-end at 20%. Attention now turns to the Federal Reserve's 2 p.m. ET rate decision, with CME FedWatch showing a 92% chance of the first rate hike in three years; support sits at $1.25, then $1.21 and $1.10, with an August 17, 2026 low of $0.9877.
Bitcoin ETFs Shed $450 Million After Clarity Act Fails in Senate
A dozen U.S. spot Bitcoin ETFs saw $450 million U.S. in outflows on Sept. 15, the biggest one-day redemption since June 25th of this year, after the Digital Asset Market Clarity Act failed to advance in the U.S. Senate. The legislation received 50 votes for and 49 votes against, below the minimum 60 votes needed to move it forward, effectively ending any chance of it clearing the Senate this year with Congress expected to be divided in January following November midterm elections. The vote sent cryptocurrency stocks such as Coinbase Global and Strategy sharply lower, while Bitcoin's price dropped 4% and fell below $76,000 U.S. Analysts say the next test for Bitcoin will be the U.S. Federal Reserve, which is expected to raise interest rates by 25 basis points today, Sept. 16, with traders pricing in a 92% chance of an increase, the first since July 2023. BTC is trading at $75,850 U.S. on Sept. 16.
Coinbase, Strategy and Robinhood Edge Higher After Senate Blocks Clarity Act
Coinbase Global shares rose 1% to $174 in early Wednesday trading even after the U.S. Senate rejected cloture on the Clarity Act, the digital-asset market structure bill, by a tally of 50 in favor and 49 against, short of the 60 votes needed to advance. Four Republican senators joined Democrats in voting against the measure, which the president had publicly backed and which the crypto industry spent hundreds of millions of dollars lobbying to pass. Strategy stock climbed 1% to $130.66 and Robinhood Markets rose 0.57% to $111.08, with both names having already priced in a defeat before the vote. The iShares Bitcoin Trust ETF slipped 0.2% to $43.03 while the SPDR S&P 500 ETF Trust gained 0.35% to $760.03, leaving the Bitcoin proxy lower even as crypto equities and the broad tape traded green. With Congress heading toward recess ahead of the midterms, regulatory momentum for the sector may shift from legislation to actions by the SEC and the CFTC, while the next catalysts for Strategy and Robinhood run through Bitcoin's price and the Federal Reserve decision later today.
Senate Blocks CLARITY Act in 49-50 Cloture Vote, Sinking XRP and Crypto-Linked Stocks
The Senate voted 49 to 50 on September 15 against opening debate on the CLARITY Act, falling eleven votes short of the 60 needed for cloture and leaving the crypto market-structure bill dead for the year. Four Republicans broke ranks, with Susan Collins, Josh Hawley and Jerry Moran opposing the bill on its merits over community-bank concerns about the stablecoin yield provision, while Thom Tillis voted no on procedural grounds and filed a motion to reconsider at 3:01 p.m. Seven Democrats who helped negotiate the text, including Kirsten Gillibrand, Mark Warner, Cory Booker, Raphael Warnock, Ruben Gallego, Angela Alsobrooks and Catherine Cortez Masto, ultimately voted against it, with Elissa Slotkin calling the ethics provisions too thin. After the vote, XRP fell 7.98% to $1.29, Bitcoin dropped 1.42% to $75,924, Ethereum declined 3.15% to $2,404 and Solana slipped 3.67% to $97.23, while listed companies tied to market structure fell hardest, with Coinbase down roughly 8% and Circle about 11%. Polymarket, which priced the bill becoming law in 2026 at 82% in February, now puts the odds near 7%, and Kalshi traders price passage before January 1, 2027 at 20%. The SEC's Regulation Crypto Assets proposal introduced September 1, 2026, the March 17 joint SEC-CFTC interpretation and a blockchain transfer-agent overhaul cover much of what Congress left unlegislated, but agency rules can be revoked by a future chair, unlike a statute.
X Enables Crypto and Stock Trading via Cashtags in the US
On September 15, X launched its "Cashtag Partner Program" in the United States, allowing users to move from stock and cryptocurrency cashtags to partner trading services to buy and sell. The program covers cashtags for stocks, exchange-traded funds, and cryptocurrencies; tapping one displays price charts and related posts, and a "Trade" button lets users choose a partner. Trades are executed not on X itself but through each partner's app or website, and the initial partners are Coinbase, Kraken, Gemini, Interactive Brokers, and Moomoo. According to Interactive Brokers, existing customers can move from X's ticker pages to the firm's accounts to do additional research and place orders, though for now this is limited to US investors. X introduced cashtags for iPhone users in the US and Canada in April, and in Canada it also offered a feature to move to trading services through a partnership with Wealthsimple.
Senate Blocks Digital Asset Market Structure Bill; Crypto Stocks Slide
The Senate blocked a landmark digital asset market structure bill in a procedural vote Tuesday, sending crypto-related stocks sharply lower. The legislation failed to reach the 60 votes needed to advance. Coinbase declined more than 9%, while Circle Internet Group dropped over 9.6%; Strategy fell roughly 5%, and Bitmine Immersion Technologies lost more than 7%. The bill would have given the Commodity Futures Trading Commission primary authority to regulate the digital assets industry, and Democrats blocked the measure citing concerns over ethics provisions designed to address President Donald Trump's crypto business interests. Senate Republican leaders released an updated version of the Clarity Act late Sunday night that added measures to expand state attorneys general's ability to enforce ethics provisions and further limit crypto companies from offering rewards or interest to stablecoin users, including a circuit-breaker for the Treasury Department to prohibit such rewards, interest or yield. Democrats said the ethical guardrails for the president and other elected officials holding cryptocurrencies did not go far enough, particularly in light of Trump's $1.4 billion crypto windfall, and the defeat comes less than two months before the midterm elections in November.
Circle Internet Falls 8% as ARK Invest Trims Stake Ahead of Senate Clarity Act Vote
Circle Internet Group stock fell 8% to $89.56 in midday trading Tuesday after ARK Invest disclosed selling 142,350 CRCL shares on Monday, with 113,369 shares sold through the ARK Innovation ETF and 28,981 through the ARK Next Generation Internet ETF, making it the largest dollar-weighted crypto-related sale in ARKK that session. Coinbase Global dropped 5% to $181.06 and Bitmine Immersion Technologies slid 5% to $24.38, while the SPDR S&P 500 ETF Trust was down just 0.5% at $757.09, showing the selling was concentrated in crypto-linked names. The declines came as the U.S. Senate held a procedural vote on the Digital Asset Market Clarity Act, a framework that could legitimize stablecoins but also open the market to bank-issued competitors with cheaper funding and established customer bases. Circle Internet remains up 25% over the past month, so Tuesday's drop gives back part of a run, and its near-term direction hinges on the vote's outcome and whether ARK Invest disclosures later this week extend the trim.
Coinbase Falls Ahead of Senate CLARITY Act Vote; Waystar Jumps on Sale Report
Coinbase shares slid about 4% and are down roughly 15% year to date as the Senate prepares to vote this afternoon on the CLARITY Act, the crypto regulation bill that needs 60 votes to avoid a filibuster, with Republicans holding 53 seats and needing at least seven Democrats. Other crypto-linked names including Robinhood and Bitcoin investor Strategy also traded lower, while prediction platform Polymarket puts the odds of the CLARITY Act passing at between 18 and 30%, with disputes remaining over ethics rules tied to digital asset holdings, anti-money laundering requirements and stablecoin yields. Separately, Waystar shares rose 11.5% after Reuters reported the hospital and physician payments software provider is exploring options including a sale that would take it private just two years after its New York listing, with Evercore advising and talks still at a very early stage; the stock remains down about 24% this year. Dave & Buster's shares fell 13% after the restaurant and arcade chain reported second-quarter revenue that missed the average analyst estimate, a $12.5 million loss, and a roughly 2.5% revenue decline driven by a nearly 9% drop in entertainment-related sales, with new CEO Darren Harper, about a month into the job, saying he will focus on making the chain a go-to location for special occasions and improving value for guests without giving specifics.
Robinhood to Add Redemptions and Voting Rights to Tokenized Stocks
Robinhood Markets says it will offer share redemptions and voting rights on its tokenized stocks, a move that comes as the online brokerage faces mounting criticism over its plans to put U.S. stocks on blockchain rails. "In-kind redemption and voting are coming for Robinhood Stock Tokens," CEO Vlad Tenev said in a social media post on Sept. 14, and the company later said it is actively working on redemptions for shares 1:1 with voting for eligible Stock Token holders. Robinhood has come under fire from movie theatre chain AMC Entertainment, which has called on the brokerage to stop offering a tokenized version of its stock, saying it never approved the tokenized version and that token holders lack the rights of other shareholders. Providing in-kind redemptions would let investors exchange a tokenized stock for a corresponding share, while voting rights should help ease investor concerns and give tokenized-stock holders the same rights as other shareholders. Crypto exchange Coinbase Global is also adding voting rights to its tokenized stock offerings, and its tokenized equities already support one-for-one redemptions with traditional shares.
LDP caucus to take up prediction markets, with gambling law alignment in focus
The Digital Frontier Finance Parliamentary League, a caucus of lawmakers within Japan's Liberal Democratic Party, is expected to begin studying how to handle "prediction markets," where participants trade on forecasts of future events such as election results and economic indicators, according to party officials interviewed by NADA NEWS. The caucus was established in 2023 by developing and dissolving the Commodity Futures Trading Promotion Parliamentary League, which had worked to promote commodity futures trading, and includes online banks, securities firms, and crypto asset exchanges among its participants. In prediction markets, Kalshi and Polymarket of the United States are the leading players, with monthly trading volume reaching the tens of billions of dollars, and some forecasts see the market hitting 1 trillion dollars by 2030. On the other hand, the New York State Attorney General filed suit on April 21, arguing that the prediction market services of Coinbase and Gemini are illegal gambling that violates state law, and sought a total of 3.4 billion dollars in damages. In Japan as well, at the House of Councillors Finance and Monetary Affairs Committee on April 21, opposition Democratic Party for the People Councillor Shuichi Harada raised prediction markets in the Diet for the first time, and Toshitake Inoue, Director-General of the Financial Services Agency's Planning and Markets Bureau, said the agency currently has no regulatory law covering them, adding that given the risk they could be regarded as gambling, "we need to respond with extreme caution." Under current law, a mechanism in which people stake their own funds and vie for gains or losses of property depending on the outcome cannot be ruled out as falling under the criminal offense of gambling, so the barriers to introducing or expanding such businesses remain high. Still, a party official said it is highly significant that an LDP parliamentary caucus has decided to treat prediction markets as one of its discussion topics, and revealed that executives from Kalshi and Polymarket are planning to visit Japan soon.
Coinbase is removing eight cryptocurrency trading pairs as the exchange continues to consolidate liquidity into its more active markets. The delisting covers eight pairs out of the exchange's broader trading lineup, part of a push to concentrate liquidity in its more heavily traded markets. Coinbase did not specify in the article which pairs are affected or when the removals take effect.
Coinbase Global Adds Anthony Armstrong to Board and Audit Committee
Coinbase Global appointed Anthony Armstrong to its Board of Directors and Audit Committee on 14 September 2026. Armstrong previously held senior investment banking roles at Morgan Stanley, focusing on complex financing structures and capital markets work, and he also worked on government efficiency initiatives and held senior financial positions at large technology firms led by Elon Musk. The appointment is only one part of the broader Coinbase story, which the company frames around deepening its position as a trusted access point for institutions as more assets move onto blockchain rails and as products like derivatives and its proprietary Base platform expand. The company said the addition points to tighter focus on execution quality and financial oversight, lining up with its push toward higher margin services and recurring revenue, and may act as a counterweight to rising compliance and cybersecurity costs by reinforcing the Audit and Compliance Committee. Investors can watch Coinbase Global's upcoming conference appearances, including the September 2026 Goldman Sachs and Citi sessions, for quantified updates on subscription and services mix, onchain revenue share and cost discipline.
Senate Set for Procedural Vote on Clarity Act on Sept. 15
The US Senate is expected to hold a procedural vote on the Clarity Act on Tuesday, Sept. 15, requiring 60 votes to pass. Coinbase Chief Policy Officer Faryar Shirzad told Yahoo Finance's Market Domination that the process will involve a series of votes, potentially playing out over 10 or 11 days, and that clearing the first vote would put the bill on a glide path to final passage. Shirzad noted the House passed the bill last summer with a big bipartisan majority, including every Republican and almost 80 Democrats, and that about 115 Democratic amendments have since been added. If the bill passes, the US would join every other G20 country in establishing a legislative regulatory framework for crypto markets, providing the regulatory certainty needed to build the next generation of finance. If it fails, Shirzad said agencies are ready to implement as much of the Clarity Act as possible through administrative action, though legislation is more permanent and predictable. He also said about 67 million Americans own crypto assets, and the goal is to give them options such as using those assets as collateral for loans or mortgages.
Crypto Rallies as Clarity Act Odds Jump to Near 30%
Crypto markets gained on Monday as optimism over a key US crypto bill revived risk appetite across the digital-asset spectrum. The rally came as the odds of the market regulation Clarity Act passing this year climbed from as low as around 14% to near 30% on Polymarket, still a long shot but a sharp repricing of its prospects. Bitcoin, which accounts for around 60% of the market value of all cryptocurrencies, again approached the $80,000 price level, increasing as much as 1.5% to $78,452. Shares of crypto-related companies rallied more, with digital exchange Coinbase Global Inc. jumping as much as 8% and stablecoin issuer Circle Internet Group Inc. increasing as much as 6.4%. Senators have promised to kick off procedural votes later this week, and ahead of that Republican senators released a final draft of the bill with changes addressing some of its most contentious points, including giving the Treasury Secretary power to intervene if deposit flight became detrimental to community banks and adding new ethics guard rails that would force the president to divest from virtual assets or place significant holdings in a blind trust. Analysts at Clear Street wrote in a report Monday that they believe the ethics compromise is the most important single change, since it was the primary Democratic sticking point, calling it incrementally positive for Coinbase, Circle and Bullish.
US Senate to vote on closing debate on CLARITY Act on September 15
The US Senate is set to vote on closing debate on the CLARITY Act on Tuesday, September 15, amid conflicting signals from Washington just under a day before the key vote. The House version of the bill has drawn support from every Republican member and roughly 80 Democrats, while a key 250-page set of Democratic priorities has already been folded into the Senate version, and there is an agreement between the White House and Senate Democrats on Democratic nominees to the SEC and CFTC for the first time under the Trump administration, along with a new set of ethics provisions restricting the president's own crypto transactions, a first in history. Brad Garlinghouse of Ripple, Brian Armstrong of Coinbase, and the CEO of Chainlink met directly with Trump, the SEC chair, and the CFTC chair at the White House to seek a way forward on unresolved issues. Meanwhile, Congressman French Hill argued that relying on SEC or CFTC regulation instead of actual legislation is risky, because agency rules can be fought in court for years, and anti-crypto-regulation forces are expected to fund legal challenges, while a law is far harder to repeal than a legal exemption. Crypto analyst Tony said the Senate's cloture vote on the CLARITY Act on Tuesday could push the market higher if it passes, potentially triggering a major surge on the Bitcoin chart, with altcoins likely to follow. He pointed to a bullish divergence forming on the Bitcoin chart alongside a bearish divergence in stablecoin market share, and argued that the bearish forecasts tied to the four-year cycle theory, which call for Bitcoin to fall to $30,000-$40,000 in October, describe a low-probability scenario. A separate crypto tax hearing is also scheduled in the House on Wednesday, September 16, and progress there will add further intensity to a week packed with major events for the industry.
Clarity Act Awaits U.S. House Vote on September 15
The Digital Asset Market Clarity Act, or Clarity Act, is not dead but has not survived yet either. Attention now turns to the vote in the U.S. House on September 15 to see whether it passes or falls. This crypto bill concerns stablecoin yield and the regulation of digital assets in the United States. Those involved include Cynthia Lummis, Scott Bessent, Donald Trump, Coinbase, the SEC, and the Blockchain Association.
TRM Study Finds Less Than 10% of x402 Payments Actually Come From Agents
Blockchain analytics firm TRM Labs said on the 9th that it has published a study finding that the majority of funds moving through x402, a payment protocol for AI agents, are not actually driven by agents. x402 is a standard released by Coinbase in May 2025 that uses HTTP's "402 Payment Required": a server returns a price, the buyer signs it, an intermediary verifies it, and settlement happens on-chain. TRM analyzed 198.9 million transactions worth 52.7 million dollars processed by known x402 intermediaries on Base, Solana, and Polygon since May 2025. After excluding self-directed transfers and sellers with fewer than 10 payer addresses, 25.62 million dollars remained, of which only 0.6% to 7.5% appeared to come from agents. The report acknowledges the figure may be an underestimate, noting that it judged activity on the premise that agents try multiple services and therefore vary their payment amounts, which means single-purpose agents that keep paying the same amount to the same service cannot be distinguished from scripts. Some 99.6% of payments were in USD Coin, but the amounts moved by agents came to just 5,000 to 11,000 dollars a month. In May, Amazon Web Services launched an agent payment feature in partnership with Coinbase and Stripe, among other continued entrants, but real demand remains small. In Japan, the Japan Content Blockchain Initiative joined the x402 standards body in July as the country's first associate member.
Trump Weighs Ethics Compromise Ahead of Senate Crypto Bill Vote
President Donald Trump met with advisers Friday to discuss ethics restrictions that could be added to a sweeping cryptocurrency bill facing a pivotal Senate vote next week, Politico reported late Saturday, citing two people familiar with the meeting. The closed-door discussion focused on language under consideration for the Digital Asset Market Clarity Act, though the identities of the participating advisers and Trump's response to the proposal were not disclosed. The Senate is expected to hold a procedural vote Tuesday, and the measure will need enough support to overcome that hurdle before lawmakers can debate amendments or move toward final passage. Democrats are pressing for provisions that would restrict senior government officials from issuing, promoting or profiting from digital assets while in office, demands aimed partly at addressing concerns about potential conflicts involving the Trump family's cryptocurrency ventures. Patrick Witt, a senior White House cryptocurrency adviser, appeared optimistic about the negotiations in a Saturday post on X, suggesting that pessimism about the bill's prospects may be misplaced. The vote represents a potentially important catalyst for Bitcoin, Ether, other digital assets and crypto-linked stocks, as the Clarity Act is intended to establish clearer boundaries between the Securities and Exchange Commission and Commodity Futures Trading Commission while creating federal rules for exchanges, token issuers and decentralized-finance platforms.
Ethereum spot-to-futures volume ratio rises to 0.15 as whale trades double, holding above $2,500
Ethereum's spot-to-futures volume ratio has reached 0.15, its highest level in six months since March. With the broader crypto market soft, Ethereum outperformed Bitcoin in September and is trading near $2,500. On-chain data shows that the number of large transactions above $100,000 rose 110% from 2,844 on September 5 to 6,050 on September 11, signaling more active participation by whales and institutional investors. Ethereum exchange-traded funds saw net inflows of $196 million for the week, and on Coinbase daily trading volume reached 261,880 ETH on September 11, the largest since August 21. On prediction market Polymarket, the probability of reaching an upside target of $2,750 has risen to 79%, while the probability of hitting $2,250 on the downside stands at 53%, leaving market views divided.
Coinbase Launches Pulse Mode for Perpetual Futures Trading in Rebranded Wallet App
Coinbase has rolled out a new feature called Pulse Mode alongside its upgrade of the Base App, which has been rebranded as Coinbase Wallet. CEO Brian Armstrong announced the feature in a post on X, saying Pulse Mode offers users a simpler and more engaging way to trade perpetual futures directly through the mobile app. According to team members, the design streamlines perp trading for mobile users by simplifying the interface and making it more accessible to traders who want to execute positions immediately, while also introducing a more dynamic and visually engaging interface aimed at active traders. The new mode is available directly within the Coinbase Wallet mobile application, allowing users to access supported perpetual markets without leaving the wallet environment and to explore multiple trading options. The company said the move aims to attract more users to the Coinbase ecosystem and expand its services, fortifying its position as one of the top leading cryptocurrency exchanges across the globe.
Hassett's $1-5 million Coinbase stake raises conflict-of-interest questions
Kevin Hassett, director of the White House National Economic Council, holds between $1 million and $5 million in Coinbase, the large digital-asset trading company, as of the end of 2025, a period when President Donald Trump's administration is rapidly reshaping federal cryptocurrency policy, raising questions about a possible conflict of interest between his personal investments and his government role. The disclosure appears in Hassett's 2025 financial disclosure documents, which list the Coinbase holding as vested stock. Hassett worked as an advisor to Coinbase from 2021 until January 2025, before joining the government, and the documents show he has not sold all of the shares, even though the second Trump administration has been in office for nearly 11 months. The documents, however, cover only 2025, so it is not possible to determine whether Hassett still holds Coinbase shares today. Three days after taking office in 2025, Trump established a presidential working group on digital asset markets under the NEC, and an executive order specified that Hassett's White House position, or his representative, would serve as a member, and that the group's final recommendations would be delivered to Trump through Hassett's office. The working group, chaired at the time by White House crypto advisor David Sacks, later proposed sweeping regulatory changes covering digital asset markets, banking, stablecoins and taxes. The Trump administration has also rolled back or changed many crypto policies from the Joe Biden era, established a government bitcoin reserve, and pushed Congress to create a more comprehensive federal framework for digital asset regulation. Hassett has said he did not take part in crypto-related matters while ethics officials were considering how to handle his investments, and when CNBC asked about the shares in June 2025, he said he had not sold them because he did not want to create the appearance of timing a sale for his own benefit, adding that he had received guidance from ethics officials and was still weighing what to do, and that in the meantime he had recused himself from any consideration or work related to crypto. White House spokesman Kush Desai said that from day one Hassett has fully complied with all ethics requirements, including recusal from all crypto-related matters. Virginia Canter, chief counsel and director of ethics and anti-corruption at the Democracy Defenders Fund, who previously served as an ethics lawyer at the U.S. Securities and Exchange Commission, said Hassett's Coinbase holding raises serious concerns about a conflict of interest, or at least the appearance of one. The issue has drawn more attention because crypto has become one of the signature policies of the second Trump administration, while digital asset businesses have also become a major source of personal income for Trump, who reported more than $1.4 billion in revenue from his family's crypto businesses in 2025, including ventures tied to World Liberty Financial. Coinbase, for its part, has played a major role in pushing for a new U.S. crypto regulatory framework. Just over a month after Trump took office, the SEC ended its enforcement case against Coinbase in a way that prevents the original claims from being refiled, saying the decision was aimed at supporting broader improvements to crypto regulation and was not based on an assessment of the facts of the Coinbase case. Coinbase was also a major financial backer of the Fairshake super PAC and its network in the 2024 elections and has announced it will contribute an additional $25 million ahead of this year's midterm elections. Coinbase CEO Brian Armstrong told CNBC on Thursday that the Clarity Act is positioned to win approval ahead of a key Senate vote expected on September 15, adding that even if the bill fails, rulemaking by the SEC and CFTC will help bring more regulatory clarity to the crypto industry, and stressing that the U.S. will get regulatory clarity one way or another.
Coinbase Partners with Moov to Bring Stablecoin Payments to Over 1,000 Community Banks Across the US
Cryptocurrency exchange Coinbase announced on September 10 a partnership with payments infrastructure company Moov. The tie-up will offer more than 1,000 community banks and credit unions nationwide in Moov's customer base the ability to accept stablecoin payments, settle them, and access real-time funding. Coinbase will provide regulatory-compliant digital asset infrastructure and custody, while Moov integrates it into existing payment systems, allowing financial institutions to offer the service without building their own crypto infrastructure. Coinbase Vice Chairman Ryan VanGrack said the latest technology should support local financial institutions and give them the means to compete with the largest players. Among major financial institutions, 21 companies including Bank of America, Citi, Goldman Sachs, Deutsche Bank, and Mitsubishi UFJ announced plans on September 1 to establish a stablecoin issuer, making this partnership a move to bring regional financial institutions in as participants rather than competitors.
Coinbase CEO Says Bitcoin Has Bottomed, Keeps $400,000 Target for 2030
Brian Armstrong, CEO of major cryptocurrency exchange Coinbase, appeared on CNBC on September 10 and said the outlook for Bitcoin to reach $400,000 by 2030 is "a reasonable target." That would be roughly five times its current level of around $77,000. He explained that Bitcoin repeats a cycle of roughly four years of gains and euphoria followed by about a year of decline, saying, "This downturn has passed the one-year mark. Personally, I think the bottom of this cycle is in," and expressed the view that the market will enter an upward trend over the next one to two years heading toward the halving in about a year and a half. On the regulatory front, he stressed that a procedural vote scheduled in the Senate on September 15 to decide whether to begin deliberation on the CLARITY Act is in a position to secure enough yes votes, and said that even if the bill stalls, the SEC and CFTC will move to build out rules under their existing authority, so regulation will become clear within a month either way. Speaking also to Bloomberg, he presented a forecast that the stablecoin market will reach $3 trillion by 2030, and named payments, tokenization, prediction markets, and finance driven by AI agents as areas of focus. However, in August 2025 he had predicted $1 million by 2030, and the probability in prediction markets of the CLARITY Act passing this year remains below 20 percent.
Circle to Discontinue USDC and CCTP V1 on Noble Blockchain
Circle announced on September 10 that it is discontinuing USDC and CCTP V1 on the Noble blockchain, and Noble will not receive CCTP V2. Noble served as the single canonical issuance point for USDC within the Cosmos Inter-Blockchain Communication ecosystem, unifying more than 100 bridged versions of USDC into one native asset used by sovereign appchains including Osmosis and dYdX. Under the schedule, new USDC minting on Noble via Circle Mint will be disabled on October 13, 2026, CCTP V1 burn limits begin reducing to zero on October 31, CCTP exits will be limited to destination chains that still support V1 burns by December 1, and the Noble USDC contract and all CCTP routes are fully paused on January 12, 2027, with a manual redemption portal opening the following day. All USDC on Noble remains 1:1 redeemable through the January 12 deadline, and Circle Mint customers retain withdrawal access until then. The move follows Coinbase's halt of USDC deposits and withdrawals on Noble on August 17, 2026, and comes as Circle prepares to launch its Arc mainnet on September 16 with a validator set including BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa. Circle said it is working with Noble and Cosmos ecosystem teams on an intermediate solution to route USDC flows to and from the ecosystem, but no timeline, technical architecture, or commitment has been specified.
Coinbase CEO Armstrong Says Bitcoin Has Bottomed, Sees Gains Ahead
Coinbase Global CEO Brian Armstrong said he believes Bitcoin has officially bottomed and expects it to move higher over the next two years. "I personally think we've seen the bottom of the Bitcoin price in this cycle," Armstrong said in a media interview, adding that he does not anticipate another downturn until the next halving event expected in about two years. The comments come with Bitcoin trading at $78,000 U.S. on Sept. 10, having gained nearly 25% since the end of August, after falling from an all-time high of $126,000 U.S. to a low of $58,000 U.S. at the end of June during the crypto winter that began last October. Armstrong pointed to growth beyond Bitcoin, saying stablecoin payments at Coinbase have increased 700% year-over-year, and cited projections for the stablecoin market to reach $3 trillion U.S. by 2030, with payments, tokenization, prediction markets, and agentic finance as growth areas. COIN stock has declined 45% over the last 12 months to trade at $174.72 U.S. per share.
Morgan Stanley initiates Coinbase at Equal Weight with $250 target
Morgan Stanley initiated coverage of Coinbase at Equal Weight with a $250 price target, saying the crypto platform has broadened well beyond its exchange roots but remains tied to the volatile crypto cycle. Analyst Michael Cyprys said the target implies about 40% upside from current levels, but a wide $50-to-$400 range of potential outcomes justifies a neutral stance. Cyprys noted Coinbase has evolved from a Bitcoin-only venue into a full-stack platform spanning retail and institutional trading, custody, stablecoins, derivatives, staking, payments and onchain infrastructure, ending the second quarter with 7.6 million monthly transacting users and $246 billion of assets on the platform. He forecasts a cyclical reset in 2026, a sharp rebound in 2027 and normalization in 2028, when he expects about $3.0 billion of adjusted EBITDA, with his price target based on 21 times that estimate. Retail crypto trading, at about 40% of revenue, remains the key swing factor, and Cyprys said regulatory clarity, the company's Everything Exchange push into assets such as equities and prediction markets, and its stablecoin and Base infrastructure all expand its addressable market, though they also invite more competition and gradual pricing pressure.
Coinbase CEO Brian Armstrong announced that the crypto exchange is building payment infrastructure for AI, with a product called Coinbase for Agents that gives AI models their own equivalent of a bank account, an isolated portfolio, and the right to manage money autonomously.
USA