Crypto Stocks Rise Despite Senate Rejection of Clarity Act
Shares of Coinbase, Strategy, and Robinhood rose slightly on Wednesday despite the U.S. Senate rejecting the Clarity Act in a close vote (50-49), falling short of the required two-thirds majority to proceed with the legislation. The bill aimed to establish federal regulatory clarity for digital assets but failed due to four Republican senators joining Democrats against it. While crypto stocks rebounded from Tuesday's sharp selloff, Bitcoin and its ETF proxy IBIT declined slightly as investors absorbed the setback. The rejection shifts focus toward enforcement actions by regulators like the SEC and CFTC rather than legislative reform in a Congress heading into recess. Coinbase stock climbed 1% to $174, while Strategy rose 1%, and Robinhood gained 0.57%. These stocks had already priced in the defeat before Tuesday's vote was finalized. Bitcoin’s price dipped as it bore the brunt of regulatory uncertainty, contrasting with a broader market rally led by SPY gaining 0.35%.
Tickers: $COIN $HOOD $IBIT $MSTR $SPY
Topics: cryptocurrency ETFs legislation stock_market