Coinbase Shares Leap on Fresh Optimism for Crypto Rules

Coinbase shares jumped 7.4% in morning trading after investors bid on fresh optimism around the Digital Asset Market Clarity Act.

The catalyst was Senate Banking Chair Tim Scott, who told CoinDesk that the bill has a 'really good shot' of passing in September and that 'the only question is how do we get it to the finish line, and when.'

This news comes on the heels of a rebound in Bitcoin, which rose 2% over 24 hours to about $71,936.

Coinbase trades as a leveraged bet on U.S. crypto rules and on bitcoin volumes, making it particularly sensitive to market developments.