Coinbase Global IncCoinbase jumped 8% as Clarity Act passage odds climbed and analysts flagged the ethics compromise as positive for it.
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.
Coinbase Global IncCoinbase jumped 8% as Clarity Act passage odds climbed and analysts flagged the ethics compromise as positive for it.
Circle Internet Group, Inc.Circle rose 6.4% and was named by Clear Street as a beneficiary of the Clarity Act ethics compromise.
BullishClear Street calls the ethics compromise incrementally positive for Bullish as Clarity Act odds rise.
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