Bernstein Remains Bullish on Crypto Stocks Despite CLARITY Act Failure

Bernstein has maintained its positive stance on select digital asset stocks following the failure of the CLARITY Act to advance in a procedural cloture vote this week.

The firm's analyst, Gautam Chhugani, expects regulatory clarity to come through agency rule-making by the CFTC and SEC rather than legislation.

Bernstein would be buyers of weakness in crypto stocks linked to tokenization, perpetual futures, stablecoins, and prediction markets. The firm's preferred names are Robinhood Markets (HOOD), Circle (CRCL), and Figure Technologies (FIG).

RH continues to see earnings traction driven by record volumes in prediction markets and the recent launch of RH chain, which offers stock tokens in an offshore structure.