Coinbase, Robinhood Stocks Lose Momentum After Big Crypto Bill Win — Barrons.com
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By Nate Wolf
Cryptocurrency stocks were unable to sustain their momentum Friday after scoring a big legislative win the day before.
Shares of Coinbase Global and Robinhood Markets surged Thursday, alongside the price of Bitcoin and Ethereum, as a chunk of the Clarity Act cleared the Senate Banking Committee. The legislation, which would establish a regulatory framework for the asset class, will now move to a full Senate vote.
But investors still seemed cautious. Bitcoin was down 1% over the last 24 hours to $80,600, while Ethereum dropped 1.7% to around $2,260.
Coinbase and Robinhood stocks — which tend to move in tandem with Bitcoin — were also falling. Coinbase slipped 1.6% in premarket trading after rising 5.1% on Thursday. Robinhood fell 2.3% after a 5.2% gain the prior day. These stocks were rising Thursday even before the afternoon committee vote.
Circle Internet Group, which issues the stablecoin USDC, has been a laggard both days, falling 2.1% Thursday and another 3.5% in Friday's premarket session.
A fight over whether stablecoin holders should receive a yield on their holdings had delayed the Clarity Act. Senators reached a compromise earlier this month prohibiting yield on idle deposits but allowing "rewards" payments when customers use the dollar-pegged coins.
Investors may have priced the committee vote into cryptocurrencies and crypto-related stocks already. As Barron's reported Thursday, the real win came when two Democrats, Sens. Ruben Gallego (D., Ariz.) and Angela Alsobrooks (D., Md.), voted to advance the bill.
The legislation, which is backed by President Donald Trump and Republicans, will need seven votes from the Democratic caucus to avoid a filibuster.
"Several outstanding issues remain unresolved," wrote Benchmark Equity Research analyst Mark Palmer in a note Friday. In particular, some Democrats are pushing for provisions prohibiting the Trump family from profiting on its various crypto interests. The White House opposes these measures.
Still, Palmer struck a confident tone: "Washington is now materially closer to passing legislation that could reshape the trajectory of the American digital asset ecosystem for years to come."
Write to Nate Wolf at nate.wolf@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
source: https://www.tradingview.com/news/DJN_DN20260515004722:0/
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