Coinbase, Strategy and Robinhood Edge Higher After Senate Blocks Clarity Act

RegulationDigital FinancePrice Action
โดย 24/7 Wall St·US·Read original
Summary · why it matters

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.

Impact on stocks 3

Digital Finance & Tokenization▲ · 3 stocks
Coinbase Global Inc
COIN
± MixedRegulationrelevance

Senate blocked the Clarity Act market-structure bill Coinbase lobbied for, though shares edged higher as a defeat was already priced in.

Robinhood Markets Inc
HOOD
± MixedRegulationrelevance

Robinhood rose slightly despite the Senate rejecting the crypto market-structure bill, with the defeat already priced in.

MicroStrategy Incorporated
MSTR
± MixedRegulationrelevance

Strategy edged higher even as the Clarity Act was blocked, with next catalysts tied to Bitcoin's price and the Fed.

Theme Impact 4

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