Bernstein Stays Bullish on Crypto Stocks Despite CLARITY Act Failure
Despite the failure of the CLARITY Act to advance in a procedural cloture vote this week, Bernstein remains bullish on select digital asset stocks. According to analyst Gautam Chhugani, the firm 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 (), and Figure Technologies ().
Robinhood continues to see earnings traction driven by record volumes in prediction markets and the recent launch of Robinhood chain, which offers stock tokens in an offshore structure and generates approximately $1 million per day in gross chain revenues. The third and fourth quarters remain catalyst-rich with a busy sports calendar and upcoming mid-term elections.
Circle is the regulated U.S. market leader in stablecoins, governed under the GENIUS Act and not impacted by the CLARITY failure. Circle's ARC chain launch is scheduled for today and could drive more demand for USDC liquidity toward trading, equity tokenization, and DeFi yield vaults.