CLARITY Act Advances, Sending Coinbase Shares Soaring

The Senate Banking Committee has advanced the CLARITY Act, sending Coinbase shares soaring nearly 10% to a three-month high. The bill now heads to a full Senate vote after a 15-9 committee vote, despite strong opposition from Senator Elizabeth Warren (D-MS).

Coinbase's stock climbed to an over three-month high of $222 as the cryptocurrency market rallied with Bitcoin crossing $82,000. Circle's shares lagged behind, but saw a significant surge in chatter on Stocktwits, with a 140% increase in message volume.

Retail sentiment around Coinbase turned extremely bullish after the committee vote, while sentiment around Robinhood remained bearish. The passing of the CLARITY Act was described as an 'institutional money vortex' by one retail trader.