Coinbase Soars as Senate Bill Clears Regulatory Hurdles
Coinbase stock surged 7.5% in morning trading on September 14 as investors positioned ahead of a critical U.S. Senate procedural vote on the Digital Asset Market Clarity Act, set for Tuesday, September 15.
The legislation would establish clearer token classifications and reduce regulatory uncertainty for crypto businesses, requiring 60 votes to advance past a cloture threshold.
Senate Banking Committee Chair Tim Scott stated that the bill has a strong chance of passing in September, while a White House crypto adviser described the negotiations as a setup where a comprehensive agreement is achievable.
Analysts at Compass Point and Goldman Sachs also weighed in on Coinbase's prospects, with the former upgrading COIN from Sell to Neutral and raising its price target from $130 to $177.