David Moadel
4 min read
Quick Read
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Coinbase and Strategy climb after the Senate rejected the Clarity Act 50-49, suggesting Tuesday’s sharp selloff already priced in the defeat.
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IBIT slips 0.2% while SPY gains 0.35%, splitting the tape as Bitcoin absorbs the regulatory hit and equities track the broader market.
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With Congress heading toward recess, regulatory momentum shifts from legislation to SEC and CFTC actions, plus the Fed decision lands today.
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Shares of Coinbase Global (NASDAQ:COIN) are rising slightly in early Wednesday trading, even as the crypto industry absorbs a major legislative setback. Coinbase stock is up 1% to $174 after the U.S. Senate blocked the Clarity Act, the market structure bill the industry spent years pursuing. The move continues a rebound off the sharp selloff crypto-linked equities took into Tuesday’s vote.
Strategy (NASDAQ:MSTR) stock is drifting higher, up 1% to $130.66. Also higher, Robinhood Markets (NASDAQ:HOOD) stock is up 0.57% at $111.08. Both names had already priced in a defeat before the tally landed.
The split with the token itself is where the morning’s real signal lives. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 0.2% to $43.03, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.35% to $760.03. Thus, the Bitcoin (CRYPTO:BTC) proxy is lower while the crypto equities and the broad tape are green.
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Failed Cloture Vote Reshapes the Regulatory Path
The U.S. Senate rejected cloture on the Clarity Act on Tuesday, with the tally landing at 50 in favor and 49 against, short of the 60 votes required to advance the legislation. Four Republican senators joined Democrats in voting against the bill, which sought to establish a federal regulatory framework for digital assets. The president publicly backed the measure, and the crypto industry spent hundreds of millions of dollars lobbying for its passage.
