Senate Fails to Advance Crypto Bill, Coinbase Shares Plunge 10%
COIN sits 23% above its 52-week low of $139.11 on elevated volume (2.2× avg).
Summary
The Senate failed to advance the Clarity Act, a comprehensive crypto regulatory bill, falling 10 votes short of the 60-vote threshold. Four Republican senators joined all Democrats in opposition, effectively killing the bill before the midterm elections. Coinbase shares fell as much as 10% and Bitcoin dropped over 5% on the news. This is a major setback for the industry, which spent hundreds of millions lobbying for the bill. Without legislation, crypto regulation will remain vulnerable to shifting political winds and court challenges. Coinbase CEO Brian Armstrong expressed disappointment but noted the SEC and CFTC can still create rules under existing authority.
At the time of this announcement, COIN was trading at $171.04 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $45.4B. The 52-week trading range was $139.11 to $402.16. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.